Spain: Gas Exploration Can Spawn $60bn Industry
Spain holds massive natural gas reserves, including shale gas, which could spawn a multi-billion dollar industry in the country, according to a report.
Natural gas prospecting could open up a €44bn (£36bn, $60bn) industry, helping the Iberian nation boost its economy, according to a report this week by consultancy Deloitte.
Exploration and production of Spain’s natural gas reserves – estimated at some 2.05 trillion cubic metres – could generate up to 755,000 jobs by 2033, according to Deloitte.
That figure would amount to 4.7% of the present national employment.
Deloitte’s estimate is based on production of two billion barrels of oil and two-and-a-half billion cubic metres of gas.
As much as 80% of Spain’s natural gas reserves are housed within shale rock, according to industry group Shale Gas Europe.
Most exploration projects are located in the Basque-Cantabrian basin in northern Spain, in Alava, Burgos and Cantabria.
Companies prospecting for Spanish gas at present include BNK Petroleum, Frontera Energy and Gessal, according to a CNBC report.
Exploration could also help the Eurozone’s fourth-largest economy become more energy-independent. Spain imports nearly 99% of its oil and gas.