Scottish oil firm Cairn Energy is eyeing the Mediterranean for its next foreign venture.
The company said the Spanish government had awarded it two exploration licences for five blocks in waters in the Gulf of Valencia area.
The Edinburgh-based firm added: “Cairn is in the very early stages of the exploration process and during the initial two-year period will be evaluating and consolidating existing data as a result of which Cairn will consider implementing offshore research in the second discretionary phase.”
News of exploration licences being granted has come in for criticism in Spain, however.
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