Europe / Caspian / CIS

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Summary | Profile

Country profile: Spain

Location: Southwestern Europe, bordering the Bay of Biscay, Mediterranean Sea, North Atlantic Ocean, and Pyrenees Mountains, southwest of France
Climate: temperate; clear, hot summers in interior, more moderate and cloudy along coast; cloudy, cold winters in interior, partly cloudy and cool along coast
Terrain: large, flat to dissected plateau surrounded by rugged hills; Pyrenees in north
Size: 504782 sq. km total (Land area: 499542 sq. km  Water area: 5240
Population: 40,491,051 (July 2008 est.)
Languages: Castilian Spanish (official) 74%, Catalan 17%, Galician 7%, Basque 2%, are official regionally
Government: parliamentary monarchy
Capital city: Madrid
Legal system: civil law system, with regional applications; accepts compulsory ICJ jurisdiction with reservations
Currency: euro (EUR)

Country profile

Both Spain and Portugal have been members of the European Union (EU) since 1986. EU membership has led to an increased standard of living and economic growth in the Iberian Peninsula and billions of dollars worth of EU structural funds flowing into the two countries. Nevertheless, both countries continue to face economic challenges. Spain's unemployment rate remains stubbornly high, while Portugal has repeatedly exceeded the EU's limits on budget deficits. Economic growth spurred by EU membership has led to increases in energy consumption.

For example, Spain's energy demand has increased over 100 percent since the mid-1970s. The Iberian Peninsula has limited energy resources, so both Spain and Portugal must depend upon imports for the bulk of their energy needs. Attempts to develop domestic energy sources, though, have focused on hydropower and renewables. Both countries have also sought greater integration of the Iberian energy sector through policy coordination and infrastructure projects. The two announced in 2001 that they would create a single Iberian electricity market without limits on transnational ownership or market participation. However, repeated delays have pushed implementation of this market, called Mibel, until October 2007.

Energy production and consumption

Oil Gas
Production: 29,350 bbl/day (2005 est.) 151 million cu m (2005 est.)
Consumption: 1 million bbl/day (2005 est.) 30 billion cu m (2005 est.)
Exports: 175,200 bbl/day (2005 est.)  
Imports: 1 bbl/day (2005 est.) 31 billion cu m (2005 est.)
Reserves: 157 million bbl (1 January 2006 est.) 2 billion cu m (1 January 2006 est.)
Major fields:

Spain - recent news

01 Mar 20
Spain: Repsol to develop 26 new wind farms in Aragon in northern Spain, totaling 860 MW
Repsol has added a new 860 MW wind farm project in the northern Spanish region of Aragon to its renewables portfolio, allowing the company to progress towards its goal of becoming a net zero emissions company by 2050 and to consolidate its position as a leading player in the generation of low-emissions electricity in the Iberian Peninsula.
11 Feb 20
Spain: Total to enter into the solar market with a pipeline of 2 GW of projects
Total, through its wholly owned affiliate Total Solar International, has established its presence on the Spanish solar market through two agreements with Powertis and Solarbay Renewable Energy and to develop nearly 2 gigawatts of solar projects.
17 Dec 19
Spain: Prospex Oil and Gas acquires stake in operational gas power project in Spain
AIM-listed Prospex Oil and Gas has announced the conditional acquisition of up to a 49.9 percent indirect stake in El Romeral, an integrated gas production and power station operation located in the Guadalquivir basin in southern Spain.
10 Oct 19
Spain: Columbus Energy provides update on La Lora Concession, onshore Spain
Columbus Energy has formally lodged a claim with the Spanish Government to recover costs caused by the Spanish Government's decision not to re-tender the La Lora Concession, onshore Spain.
17 Dec 18
Spain: Prospex Oil and Gas increases interest in proven gas project in southern Spain
Prospex Oil and Gas has exercised its option to increase its interest in the Tesorillo Project in southern Spain to 15 percent from 2.5 percent. Tesorillo covers 38,000ha in a proven hydrocarbon region and contains a known gas discovery with an estimated gross unrisked Prospective Resource of 830 billion cubic feet of gas.

Spain - more news

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