Lisbon, Portugal, 31 Oct – Geologists from Brazilian oil company Petrobras, which signed an agreement with Galp Energia and Partex for oil prospecting off the coast of Peniche in central Portugal, will this week travel to Portugal to find out more about the geological characteristics of the area, officials said.
Nuno Pimentel, of the Science Faculty of Lisbon University, said that geologists would carry out “embryonic prospecting” of the area over four to six months, during which time they may, or may not, go ahead with a new stage of prospecting.
The geologists are certain that there is oil on land in the area and now plan to discover if it exists in deeper areas, such as in the sea, and if possible extract it at a competitive cost.
The consortium proposes to invest 4 million euros on oil prospecting at sea, some 60 kilometers off the coast in waters up to 3,000 meters deep.
The agreement signed in August between Petrobras, which owns 50 percent of the consortium, Galp Energia, with 30 percent, and Partex, with 20 percent, outlines that Portuguese universities will be involved. (macauhub)