Porto Energy to evaluate Portugal’s tight oil potential

Porto Energy has signed a memorandum of understanding (MoU) with the Netherland’s Sorgenia International and Austria’s Rohöl-Aufsuchungs Aktiengesellschaft to evaluate Portugal’s tight oil potential.

According to the MoU, the firms will jointly evaluate the unconventional resource potential of the lower Jurassic stratigraphic interval within Porte Energy’s concessions in Portugal.

The parties will execute the joint venture agreement by the end of the year and will evaluate an area measuring 1,821km².

Porto Energy president and CEO Joseph Ash said that when the joint venture agreement is finalised, the firm will work on de-risking resources that are not yet part of the resource inventory.