Cairn Energy to explore for oil in Med

By Daily Mail Reporter
Updated:

 

Cairn Energy is set to drill for oil in waters off the tourist hotspots of southern Spain after it was granted an exploration licence.

The company, which has attracted criticism from environmental activists for its drilling programme in Greenland, said it had won the right to explore a 4,000 square kilometre block in the Gulf of Valencia.

Cairn (down 9.7p to 419.20p), run by former Scotland rugby international Sir Bill Gammell, said it was in the 'early stages' of exploration, with no drilling expected for two years at least.

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