RE: They seem to have alot going for them..
(Reuters) - Mohave Oil & Gas, a unit of Vancouver-listed Porto Energy, will begin Portugal's first oil and natural gas production project in the next few months, Mohave's Portugal director said on Tuesday.
Mohave's key concession, onshore in Aljubarrota in centre Portugal, is jointly owned with Portugal's Galp, which has 50 percent.
On Monday the government gave Mohave approval to begin production.
"It is a $285 million investment in the next five years in all of Mohave's concessions. We hope to produce 8,000 barrels of oil equivalent per day in five years," Mohave's Portugal director Arlindo Alves told Reuters.
Mohave has already invested 127 million euros ($160 million)in prospecting for oil in Portugal over the last two decades. It holds seven concessions in the country throughout the so-called Lusitanian Basin.
Portugal imports around 294,000 barrels of oil per day, which means that even if Mohave's estimates of oil output prove accurate, they will account for less than 2 percent of the country's needs.