Repsol Exits Canary Islands Empty Handed

Posted by Joseph Keefe January 16, 2015

MADRID, Jan 16 (Reuters) - Spanish oil group Repsol said on Friday it was calling off exploratory drilling in the sea around the Canary Islands, saying it found oil and gas but in water-logged subsoil and in insufficient quantities.

"The hydrocarbons are present in very thin layers which are not exploitable," Repsol said in a statement on Friday.

The company said it would not carry out further drilling in the area and the ship it was using would return to Angola to carry on with drilling there. (Reporting by Sarah White