About: Oil and natural gas in Euskadi   Sponge Permalink

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Despite efforts to reduce fuel consumption and the expansion of drilling activity, Euskadi has been a net importer of oil and natural gas in 2010. However, the dependence on oil and gas has declined severely over the last 10 years due mainly to the introduction of the hydrogen economy and the implementation of IGCC plants.

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  • Oil and natural gas in Euskadi
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  • Despite efforts to reduce fuel consumption and the expansion of drilling activity, Euskadi has been a net importer of oil and natural gas in 2010. However, the dependence on oil and gas has declined severely over the last 10 years due mainly to the introduction of the hydrogen economy and the implementation of IGCC plants.
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  • Despite efforts to reduce fuel consumption and the expansion of drilling activity, Euskadi has been a net importer of oil and natural gas in 2010. However, the dependence on oil and gas has declined severely over the last 10 years due mainly to the introduction of the hydrogen economy and the implementation of IGCC plants. In recent years large reserves of oil and gas have been discovered in waters of the African territory of Nyanga. Two platforms are extracting oil from 2009, 3 more are under construction and Energiaren Euskal Erakundea (Basque Energy Agency) has opened a procedure for granting new licenses for exploration and exploitation. With currently low levels of use of petroleum and derivatives due to the implementation of the "Hydrogen Economy", it is predicted that by the end of 2012 Euskadi will becoming an oil and gas exporter and the production could reach more than 1 million bbl/day of oil and 200 billion cu m of gas in 2015.
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