After four-years of
searching for oil and gas off the coast of Portugal, Brazilian state-run energy
giant Petroleo Brasileiro SA (PBR, PETR4.BR) believes there's still a chance to
find crude in the Peniche Basin, Jose de Freitas, Petrobras' head of Portuguese
operations, told Diario Economico in an interview published in its Friday
Internet edition.
While admitting Portugal's
project remains of high-risk, the executive said there's a 10% to 12% chance of
finding oil off the Portuguese coast.
De Freitas added that in 2012 the group led by Petrobras will be able to decide
in which of the areas being explored there's a higher chance of finding
hydrocarbons and therefore proceed with a well drilling.
Petrobras holds a 50% stake in this exploration project, while Galp Energia
SGPS (GALP.LB) and Partex have a 30% and a 20% stake, respectively.