British company says there is oil in Portugal

8 January 2015

British company Ioniq Capital Partners Limited has located six oil deposits in Portugal, Portuguese weekly magazine Sábado reported adding the company planned to sell its studies to the Portuguese government for 8.2 million euros.

The deposits were using technology that detects natural resources by satellite and are expected to contain at least 1 billion barrels of oil, and another 30 percent more natural gas.

The company estimates that the value of the reserves, which are at sea at a depth between 2,000 and 3,000 metres, amounts to over 43 billion euros, i.e. 25 percent of Portugal’s Gross Domestic Product (GDP).

The office of the Minister for the Environment and Energy, Jorge Moreira da Silva, confirmed that there were meetings with the company, but that the Minister and the Secretary of State for Energy simply listened to the arguments presented and explained national legislation. (macauhub/PT)