Tuesday, 03 March 2015 06:22

Further Blow To Oil Industry Close To The Canary Islands

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Oil platform in Las Palmas harbour at sunrise Oil platform in Las Palmas harbour at sunrise

New York-listed Kosmos Energy has announced that the oil deposits it discovered in Morrocan waters north of the Canary Islands are commercially unviable and that it is sealing the well.

After Repsol found nothing but unviable wet gas just east of the Canary Islands the news is another blow to oil and gas exploration close to the islands, at least while oil prices are low.

Oil exploration in the Canaries is controversial. While some support the extra revenue and jobs an oil strike would bring the vast majority of Canarians are against exploration for environmental and economic reasons. The damage to tourism caused by oil on the beaches would certainly cause huge problems to the Canary Islands tourist industry.

Kosmos Energy said that while its first well wasn't commercially viable it would continue to drill in the area.

Source article: Canarias 7 

Read 7790 times Last modified on Sunday, 08 March 2015 11:04
Published in News
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  • Tip Of The Day: Avoid Bank Card Charges By Paying In Euros
    Tip Of The Day: Avoid Bank Card Charges By Paying In Euros

    Save money and avoid rip-off bank charges while in Gran Canaria by paying in euros when using your credit or debit card.

    Many bars and restaurants in Gran Canaria, and in almost all European holiday destinations, give you the option of paying in euros or in your home currency. Opting for your own currency, while it may seem like the safer option, can add as much as 5% to the bill as it triggers dynamic currency conversion. 

    DCC basically means that the exchange rate is calculated at point of sale rather than by your bank. It allows you to see the total cost of the transaction in your own currency but adds up to 5% to the total because it uses a terrible exchange rate. 

    Since the extra money is shared between your bank and the merchant, some places will automatically bill you in your own currency and hope you don't notice. You have the legal right to refuse and void the transaction should this happen. 

    ATMs too

    The same applies when taking money out of ATM machines in Gran Canaria (and anywhere in Europe); Always choose the local currency option to avoid losing money to poor exchange rates.

    If you opt for the local currency option, using bank ATMs is often the cheapest and safest way of getting euros in Gran Canaria. It's far safer than having a big pile of euros hidden in your room or tucked into your shorts.

    More details in this Daily Telegraph article.

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