North American company Mohave Oil – described as “dedicated to the prospection of gas and petroleum in Western Portugal” – is pulling out of the country at the end of the month due to its inability to attract investors.
In a statement released this week, Mohave’s mother company Porto Energy blamed the “inexistence of petroleum and gas production in Portugal” as the principal reason for not having found investors. The company has drawn up a shortlist of companies to which its concessions will now be offered.
