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Pocket money from oil revenues

Calculations the Canarian Government has made shows that the Canary Islands will only get around 15 million euros a year if Repsol find large amounts of oil in the fields where the test drillings currently are taking place.

Rowan Renaissance

Drilling are carried out from the ship Rowan Renaissance

The new oil tax of 8%, which was introduced this summer will constitute a maximum of 300 million euro spread over 20 years, providing 15 million euros per year. For comparison the revenue of the tourism was a staggering 12,584 million euros in 2013 and employed 251,480 people.

In other words the Canary Islands have everything to lose and nothing to gain from oil drilling. Any spill would be very damaging for tourism on the islands, while any income from oil drilling amounts to max 1.12 per thousand of what the tourism now provides. The rest of the profit goes to Repsol’s shareholders.

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