Then in December 2001, Repsol completed an asset exchange agreement with Petrobras, making it the second largest consolidated oil company in Brazil. The same year Repsol announced new discoveries in Libya, Indonesia, Spain, Venezuela, Argentina, and Bolivia, prompting the development and marketing of its electricity business through Gas Natural SDG. In 2003, Repsol tripled its reserves and production of hydrocarbons in Trinidad and Tobago. North American expansion in 2008, saw Repsol open a massive regasification plant on the east coast of Canada with enough capacity to supply up to 20% of the gas demand for New York and New England. In the mid-2000s, the Repsol acquired 10% of West Siberian Resources (WSR)'s stocks for $90 million. Canary Islands Following years of opposition from environmentalist groups, Spain finally gave permission in August 2014, for the company and its partners to explore prospects off the Canary Islands. Eventually, in January 2015, after two months of exploration about 50 kilometers off the coasts of Fuerteventura and Lanzarote, the company said in a statement it only found small deposits that were not worth drilling thus scrapping the project. Change to the company profile In 2008, Repsol began an intensive exploration campaign in which it focused its efforts on and invested in exploring in new areas, with results that enabled the company to change its profile. Using cutting edge technology, the company made over 30 hydrocarbon discoveries, many of which were considered to be among the largest in the world. This efforts was recognized by Petroleum Economist magazine as the "Best energy company of the year". Talisman acquisition In December 2014, Repsol announced that it would buy Canadian oil company Talisman Energy in a transaction worth about $15.1 billion Cdn ($13 billion US). Company name and origins In 1971, Repsol logo first appears, as REPESA (Refinería de Petróleos de Escombreras S.A.) brand product, in the Motorcycling World Championship of that year. Its name derives from the founding company REPESA for its visibility and easy pronunciation in different languages. In 1991, the Instituto Nacional de Hidrocarburos (INH), before the imminent demise of the state oil monopoly, set the goal to create a company of mixed public-private capital, which exploited state oil assets. When looking for a name a survey at street level was performed and the only two words that people recognized and associate with the world of oil were CAMPSA (badge of the former monopoly)