Spain Bans Exploration and Production Of A Resource That It Does Not Have

Imagine reading this headline “Spain Becomes Fourth EU Country Slapping Ban on Fossil Fuel E&P” without actually knowing the energy facts about Spain, you will definitely think it is a big news and the end of O&G is looming.

Well, how about you read the below energy facts about Spain and after you finish, tell me if you still think the same.

Spain Energy Facts:

• Spain has approximately 150 million of Oil Reserves (in another word, Spain crude oil reserves equals 15 days of Saudi Arabia Oil Production).
• Spain has insignificant domestic petroleum reserves (Oil & Gas).
• Spain produces very small amount of Crude Oil and almost no Natural Gas.
• Spain imports all needed Oil & Gas from outside, mostly from Mexico, Nigeria, Saudi Arabia, Algeria, Russia, Iraq, and Angola.
• Spain is the biggest importer of LNG in EU with a quarterly import of 4.3 bcm.
• Spain is the 6 largest energy consumer in Europe.
• Fossil Fuels make up 73.8% of Spain energy consumption and it is all imported.

So when Spain says it will end domestic fossil fuels E&P, I say, nothing new, Spain had nothing anyway. And good luck to Oil and LNG exporters.