French, Spanish companies set for more wind power off coast of France

7 Mar 2017   France, Spain, Wind

French and Spanish energy companies said Monday they were setting their sights on building up the wind energy potential off the coast of France. French energy company ENGIE counts an installed wind power capacity of more than 1,700 megawatts in France and is now teaming up with its Spanish counterpart, EDPR, on plans to install as much as 750 MW of wind power offshore. According to ENGIE, offshore France is one of the most attractive parts of the world for offshore wind and the two companies have already pre-qualified for further developments. “Already a leader in on-shore wind, we hope to […]

Repsol Net Profit Plunges More Than 40%

5 May 2016   Spain

Repsol SA said Thursday its first-quarter net profit fell by almost half as falling energy prices hit Spain’s largest oil company. Repsol said net profit in the first quarter was €434 million ($498.7 million), down 43% from a year earlier. The oil producer said net adjusted profit, which excludes gains or losses in the value of inventories and one-off items, fell 38% to €572 million in the three months to March from €928 million a year earlier. Net profit in the first quarter of 2015, Repsol said, had been boosted when the company received compensation from Argentina’s government for its nationalization of Repsol unit YPF SA. Despite the drop, the company’s net adjusted profit was higher than analysts had been anticipating, helping to push Repsol’s shares up around 5% in morning trading in Madrid. […]

Spain’s Abengoa Files for Chapter 15 Bankruptcy in U.S.

30 Mar 2016   Spain

Abengoa SA has filed for bankruptcy protection in the U.S. as the Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt. The renewable energy company, which operates around the world, on Monday night filed for chapter 15 protection, the section of the U.S. bankruptcy code dealing with cross-border insolvencies, in U.S. Bankruptcy Court in Wilmington, Del. The bankruptcy filing comes after Abengoa struck a deal with key creditors that gives it more time—through Oct. 28—to continue negotiations on restructuring its debts, which court papers show total more than €14.6 billion ($16.48 billion). The company hopes the U.S. bankruptcy will provide extra breathing room for these talks. “It is my belief that the relief requested in the petition and related motions is necessary…to protect the U.S. assets of the petitioning group members and to prevent creditors from […]

Iran in Talks to Help Build Refinery in Spain

11 Jan 2016   Iran, Spain

Iran is in talks to help build a refinery in Spain, an Iranian oil official told state media over the weekend, as it seeks to secure buyers for its oil after a European embargo on its oil is lifted. The talks come as world powers are set to implement a deal with Tehran to lift sanctions in exchange for curbs on the Islamic Republic’s controversial nuclear program. Iranian officials have said the country would ramp up its exports by 1 million barrels a day once the agreement comes into force, sending more oil into a global market reeling from a flood of supplies that have pushed prices below $34 a barrel. Iran is planning to invest with local companies in a Spanish facility that could refine 200,000 barrels of oil a day, said Abbas Kazemi, the head of the state-run National Iranian Oil Refining and Distribution Co., in remarks […]

Repsol Abandons Drilling off Canary Islands

19 Jan 2015   Spain

Repsol’s drilling program off the coast of Spain’s Canary Islands angered environmental groups. A sign from a 2014 protest, above, reads ‘No to oil companies, yes to renewables.’ Agence France-Presse/Getty Images MADRID— Repsol on Friday said it would abandon drilling off the Canary Islands, ending a year-long conflict that had pitted the Spanish oil company and central government against islanders worried about the effect oil extraction may have on the environment. An exploratory well reaching more than 3,000 meters below sea level found methane and hexane gases but it “lacked the necessary volume and quality to consider future extraction,” Repsol said. The company said it would seal off the well within a week and that it won’t carry out a previously planned second drilling. The well closure puts a cork in a controversial project that began over a decade ago, when seismic studies first suggested there could be […]

Repsol Wins Final Permit to Drill for Oil Off Canary Islands

13 Aug 2014   Spain

Spain’s government gave Repsol SA (REP) final authorization to begin exploring off the Canary Islands , capping the energy company’s 12-year quest for permission to tap what may be the nation’s biggest oil find. The Industry Ministry approved the project in a resolution dated Aug. 11 and published today in the Official Bulletin. The Spanish company’s partners are Woodside Energy Ltd. of Australia and German power company RWE AG. Should the drilling be successful, Madrid-based Repsol has estimated it will spend as much as 7.5 billion euros ($10 billion) to develop the site in waters near the Canary Islands of Fuerteventura and Lanzarote off Africa’s west coast. Spain’s largest oil company, which was held up for more than a decade by environmental challenges and delays by the government, has said it expects to begin work before year-end. Geologists have estimated the area between the Canaries and Morocco may hold […]

Gas Carousel Making Spain Europe’s Biggest LNG Exporter

12 Apr 2014   Spain

Spain overtook Norway last month to become the region’s biggest exporter of liquefied natural gas. The southern European nation has never produced any of the fuel. The twist is a consequence of the crisis that left more than a quarter of Spain’s workers unemployed as the economy weakened for nine straight quarters. Utilities that contracted to buy LNG before the slump are now contending with a sixth consecutive year of diminishing domestic demand, spurring them to re-export cargoes. The trade is being underpinned by prices in Asia and South America that are about 30 percent higher than in Europe. Japan is importing more after shutting down its nuclear power plants following the Fukushima disaster in 2011. South American nations are accelerating purchases after a drought in Brazil limited the supply of hydroelectric power and cold snaps in the U.S. curbed pipeline flows to Mexico. “It doesn’t make much sense […]

Foreign Frackers Now Find Comfort in Water-Hungry Spain

3 Apr 2014   Spain

A few years ago, fracking in Spain seemed as likely as bullfighting in Britain. These days, energy companies from Texas, Canada and Ireland are going after exploration and drilling permits in hopes of capitalizing on geology that indicates Spain has a sizable chunk of the 883 trillion cubic feet of natural gas in shale estimated to sit under Europe . What’s changed? A sluggish economy for one — the energy industry estimates fracking could eventually create tens of thousands of jobs in a nation with an unemployment rate of 26 percent. Unlocking gas deposits might ease what consumers pay for the heating fuel. It’s about triple the U.S. price. As important, the national government, with the economy in mind, took a pro-fracking stance even as regional and local authorities harden what’s long been widespread European environmental opposition to oil and gas development of any kind. In December, two years […]