Spanish energy company Repsol says it has ended oil and gas exploration off the Canary Islands after analysis showed there were insufficient finds to merit extraction.
The search, begun in November, had generated much opposition as island residents and ecologists feared spills could damage the Spanish archipelago, one of Europe's biggest tourism magnets and home to an important fishing industry.
Continue Reading Below
Repsol YPF S.A. said Friday its surveys showed the presence of gas but not enough volume or quality to merit extraction.
It said oil and gas were present in the basin, located off northwestern Africa, but deposits were saturated with water and only present in thin, non-exploitable layers.
Repsol said no further exploratory activity would be carried in the area.