It is still debatable if mining giants will be striking the soil of Algarve for its oil as there is an anti-oil movement looming.
Partex president António Costa e Silva explained to Jornal de Notícias this week that they will only make moves going forward if it has been confirmed that there are “large deposits” of oil. So far, this information is pretty much in the air.
He was further noted in saying that the basins of Algarve were “particularly rich”.
Partex had already been testing 30 potential sites in Portugal and some of them have given “indications” of oil and gas.
“Despite the possible existence of fossil fuels, António Costa e Silva made it clear that (Partex) needs wells with large capacity to justify investment. If they are small, we won’t be investing millions of dollars for nothing,” Jornal de Notícias reported.
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