Portuguese government grants 15 concessions for oil exploration in the country

2 February 2012

Lisbon, Portugal, 2 Feb – The Portuguese government has so far granted 15 concession for oil prospecting and exploration, representing a joint investment of US$200 million, according to Portuguese financial daily Diário Económico.

The newspaper said that the Mohave Oil & Gas Corporation, a subsidiary of the Porto Energy Corporation, had the most concessions with a total of five onshore in the Lusitânica Basin, in the Torres Vedras region.

The Petrobras/Galp Energia/Partex consortium has four exploration areas in deep water off the coast of Peniche as well as three more in the Alentejo Basin, in which the partnership only involves Petrobras and Portugal’s Galp Energia.

The two most recent concessions are located in the Algarve Basin, and were granted to Spain’s Repsol/RWE, Diário Económico said. (macauhub)