Watching the World: Hazy horizons off southern Europe

04/23/2001
Recent reports that the Portuguese government plans to open virgin tranches of deepwater acreage on the country's outer continental shelf to exploration license bidding next year-drilling could begin in 2004-will doubtless brighten the picture of otherwise low prospectivity being painted for Offshore Southern Europe.Adding a swath of unexplored acreage to the radar screens of those oil companies still eyeing the lesser of Europe's offshore regions would be a leap forward for Portugal-and the region as a whole. The country's government introduced legislation in 1994 to spur exploration, but 5 years passed before it struck a deal with Norwegian contractor TGS-Nopec AS to shoot 1...
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