Cairn Energy, an oil and gas exploration and development company, is withdrawing from four exploration permits in the Gulf of Valencia, on the east coast of Spain.

The company will relinquish the permits ‘Benifaió’, ‘Gandia’, ‘Altamar 1' y ‘Altamar 2'.

The company has held the licences since 2011 and applied for permission to shoot seismic campaign to allow it to analyse the information and take a view on the potential of the area in February 2012.

Cairn proposed the 3D seismic acquisition in an area approximately 50km from Valencia, 53km from the island of Ibiza and 32km from Columbretes Islands. The licences expired in 2015 and the company decided to relinquish its interests.

In an e-mail sent to Offshore Energy Today, Cairn spokesperson said: “Cairn is maintaining an interest in Spain and has made applications for acreage offshore Gulf of Lion and the Bay of Biscay.”

The spokesperson further added that “the Company has an ongoing commitment to develop the hydrocarbon industry offshore Spain and wishes to continue to work with the Spanish Ministry of Industry Tourism and Commerce to this effect. Cairn has informed the Ministry that it intends to withdraw from four exploration permits offshore Gulf of Valencia”.

Source: www.offshoreenergytoday.com

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