Spain OKs Canary Islands Oil Exploration, Prompting Outcry

Law360, New York (March 16, 2012, 7:58 PM EDT) -- The Spanish government on Friday approved a Repsol YPF SA-led oil drilling project off the shores of the Canary Islands that has been stalled for nearly a decade, setting off a hailstorm of criticism from local officials.

A royal decree sponsored by the Department of Employment, Industry and Trade overturned an eight-year-old Supreme Court ruling that had suspended a Repsol-led joint venture's permits for not specifying enough environmental protection measures, according to federal documents.

Madrid-based Repsol has a 50 percent stake in the project and is...
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