Saturday, July 03, 2010
According to an article here in Portuguese, Portugal could have reserves of some 500 million barrels of oil. The Canadian oil company Mohave Oil & Gas is carrying out tridimensional surveys near Aljubarrota (image on the right) and apparently oil may be discovered this year. There is a 50% chance that the two areas owned by Mohave contain 486.6 million barrels of oil, which is enough to supply the country for five years and has a total value of 30.6 billion euros ($38.4 billion). The most pessimistic estimates for the same area predict just 18.2 barrels, thus 1.1 billion euros.