In modern times, hydrocarbon exploration and extraction dates back to 1860. Scientific drilling based on geological principles began in 1940, by CAMPSA and by CIEPSA, a subsidiary of CEPSA. VALDEBRO, a U.S.-Spain consortium brought noteworthy technical advances after 1952. The first commercial. .
The oil reserves of Spain have been little exploited but major inshore and offshore deposits were discovered in the late 20th century and early 21st century. There are oil deposits in Burgos (), Córdoba, the south. .
The Ilustre Colegio Oficial de Geólogos (Distinguished Royal College of Geologists), states that Spain could supply itself with crude for. [pdf]
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