Spanish-German consortium to prospect for offshore oil, gas in Portugal

28 December 2005

Lisbon, Portugal, 28 Dec – The Portuguese government will award exploration rights for two offshore oil blocks to a consortium formed by Repsol of Spain and RWE of Germany, according to a media report.

Exame magazine reported this week that the venture, to test drill off the southern Algarve coast, is led by Respol with a 75 percent stake to RWE’s 25 percent share.

The award of blocks 13 and 14 relaunches the process for hydrocarbon exploration off the Portuguese coast that originally began in 2002 and was suspended a year later.

The Spanish-German consortium, which already operates gas fields off Spain’s southern coast, is waiting to sign contracts to begin exploration in its Portuguese venture, Exame reported. (macauhub)