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Madrid- As Europe seeks to reduce dependence on the unstable Middle East's oil reserves, it is not only looking to continents like Africa or Latin America, but also to its own soil to ensure supplies. Several companies are investigating the possibilities of starting or increasing oil production in Spain, an insignificant producer so far."There is oil in Spain," oil expert Carlos Alvarez told the daily El Pais. "Not large fields, but small or medium-size deposits" which the high price of oil could now make attractive, he explained.
Investment in the sector rose by 75 per cent to nearly 45 million euros (58 million dollars) last year, according to figures quoted by the daily. Spain only produced 1.23 million barrels of oil in 2005, down from 1.87 million barrels in 2004.Spain's second-biggest oil company Cepsa, in which France's Total has a 44 per cent stake, is exploring in the northwestern Pyrenees and thinks it may able able to start drilling there by 2010.
A total of a dozen companies are looking into starting or increasing oil and gas production in Spain, reports said.
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