Monte Paraiso - Noticeboard


	NOTICEBOARD
	Costa Oil Boom

A spanish council of ministers has agreed to give permission for oil exploration to take place off the shores of the Costa del Sol, it has been reported.

The company said to have received the contract is Canoco, a petroleum exploration company well known in the industry.

The report highlighted that the Alboran basin could become a major player in oil and gas production. Studies have shown that both natural gas and oil fields are present in the region.

The potential of the region was highlighted during the North Africa Oil and Gas 2002 conference last October when a geophysical explorer discussed the issue in his address based on 'Petroleum systems and exploration potential of the West Alboran Basin'.

Oil exploration could be started just 1.5 miles off Estepona after confirmation, that a licence has been granted for the Alboran Basin.

Fears have been expressed that the decision could see losses in the tourist industry and an increase in the number of petrol tankers, and oil contamination in the region which is already affected by the large number of tankers using the area as they pass through the Strait of Gibraltar.