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A general introduction to oil and gas law in Portugal
Introduction
The first oil and gas exploration and production operations in Portugal were carried out in the early twentieth century. In the 1970s, after drill stem tests produced small quantities of crude oil, several wells were drilled. However, Portugal s petroleum potential – including its exclusive economic area – remains under-evaluated, with an average of 2.4 wells drilled per 1,000 square kilometres, and no proven reserves.
Major efforts in the 1970s and 1980s aimed to locate commercial reserves, following the oil shocks of the time and the discovery of crude oil in the Grand Banks, of which the offshore areas of Portugal are considered a geological continuation. However, the results of these efforts were disappointing and the industry s interest in the country declined. ....

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