BMI View: Though we have witnessed an uptick in upstream investment into conventional resources within Spain over the past several years, we expect domestic production of oil and gas to remain negligible. Moreover, we believe prospects for onshore unconventionals are unlikely to materialise within our forecast period.
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Prospects for conventional oil and gas discoveries remain poor, with insignificant existing volumes of oil reserves. Offshore opportunities took a hit in 2015 with withdrawals from Repsol and Cairn Energy.
Above-ground regulatory and environmental hurdles, along with local government opposition, are the largest obstacles to upstream development.