A consortium of Portuguese oil firm Galp Energia SGPS (GALP.LB), Brazil's state-oil firm Petroleo Brasileiro SA (PBR) and Partex is likely to hit oil off the coast of Lisbon, the Diario Economico newspaper reports Thursday.
"I think it's very likely that we will succeed in finding oil off the Portuguese coast," said Ray Heles, head of operations at Scan, the company carrying out seismic studies for the consortium. About 60% of seismic studies in an area about 30 kilometers off Lisbon have been completed, the newspaper says.
Petrobras has 50% in a consortium exploring for oil off the Portuguese coast, while Galp holds 30%, and Partex 20%.
Drilling in the area is slated to start in three to four years with a "great likelihood of finding oil," Galp Executive President Manuel Ferreira de Oliveira is quoted as saying.