US company invests US$70 million by 2013 to find gas and oil in Portugal

17 August 2011

Figueira da Foz, Portugal, 17 Aug – US company Mohave Oil & Gas Corp is set to invest US$70 million by 2013 to find oil and gas in Portugal, the company’s managing director told Portuguese news agency Lusa.

Arlindo Alves said that the investment would include work on the five current prospecting concession, three on land, in Aljubarrota, Rio Maior and Torres Vedras and two out at sea, in São Pedro de Moel and Cabo Mondego.

On the 26th day of prospecting at sea, which is being carried out between São Pedro de Moel (Marinha Grande) and Cabo Mondego (Figueira da Foz), Alves noted that, “the operations are going very well,” and that the data gathered would likely confirm the existence of oil on the Portuguese coast.

Mohave Oil & Gas Corp, which is based in Houston, is a subsidiary of the Porto Energy Corp, with its headquarters in The Woodlands, also in Texas. (macauhub)