Repsol-Starting-for-oil-drilling-beyond-the-Canary-Islands-SpainDESPITE resistance from green groups, Spain’s oil exploration is gaining momentum.

An estimated 250,000 jobs could be created in the oil sector over the next 50 years, according to Deloitte.

The report estimates 2 billion barrels of oil and 2.5 billion cubic metres of gas will be extracted by Repsol over the next half-a-century, making the industry worth 5% of the countries GDP by 2065.

Deloitte also predicted that Spain could become a gas exporter by 2031, while producing 20% of the oil it consumes.

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