Portugal could have 500 million barrels of oil

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.

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