For example, in the Canaries and Valencia, where prospecting is also set to go ahead, the opinion is split because a sizeable part of the local community and business realise the vast financial benefits oil and gas extraction will bring to the regions and the country as a w hole.
For example, natural gas prospecting could open up a €44bn industry and generate up to 755,000 jobs by 2033.
As much as 80 percent of Spain’s natural gas reserves are housed within shale rock, according to industry group Shale Gas Europe which also states on its website: "Spain’s significant reserves, if technically recoverable, can support its economy at a time when the country is struggling with a burgeoning debt and has been forced to adopt austerity measures."
And those austerity measures sparked violent clashes in Madrid last weekend.
The development of oil and gas exploration and production in Spain would have a significant impact on the national economy in terms of gross domestic product, employment creation and the balance of trade and also take the pressure off the tourist industry.
Madrid is waiting for the results of new environmental impact studies before giving new prospecting the green light.
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