Portugal: Gas Riches Hoped for Offshore Algarve Coast

The Algarve’s offshore could be rich in natural gas and provide for Portugal’s needs for “between 12 and 15 years,” according to António Costa Silva, President of Partex Oil and Gas (Holdings) Corporation, an oil company which is owned by the Lisbon-based Calouste Gulbenkian Foundation.

In an interview with Lusa News Agency earlier this week, Mr. Silva said: “There is a geological formation that comes from the Gulf of Cadiz in Southern Spain and runs on to the Algarve’s offshore, where there are some blocks that could potentially have gas, which could be up to 20 times more than was discovered in the Poseidon field of Southern Spain explored by Repsol.”

That same company “has won the tender for the Algarve’s two blocks,” located south-east of Cape Saint Vincent, but the exploration contract has not yet been signed “because of the authorities’ inertia and worries from the regional tourism industry.”

Mr. Silva considers that pressure from the tourism “lobby” is the reason behind the project’s delay, adding that there are no reasons to worry about its environmental impact.

“These worries are acceptable, but they have no basis. There are no black tides caused by gas exploration projects because it simply evaporates when it reaches the surface,” said Mr. Silva, adding that gas was explored off one of the most touristic coasts of Spain without any problems.

The gas towers would also “be 50 kilometres from the Portuguese coast,” out of “tourists’ sight,” and with proven technology for these depths “this is a project that should be supported,” he said.