Spain: Gas Exploration Can Spawn $60bn Industry

  • Date: 30/03/14
  • International Business Times

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.

Spanish 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.

Energy Independence

Exploration could also help the Eurozone’s fourth-largest economy become more energy-independent. Spain imports nearly 99% of its oil and gas.

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