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Portugal has a billion barrels of oil

oilThe Energy Minister Jorge Moreira da Silva, has said that the government is interested in oil exploration in Portugal, but interested parties such as the British company Ioniq Resources need to submit "concrete proposals."

Moreia da Silva was commenting on a report by Ioniq that Portugal has large deposits of oil, an estimated 1 billion barrels, 'one of which is offshore' although other reports claim all are offshore.

The minister said that such projects should be looked at with environmental protection a key priority, which is possibly a first and certainly not reflective of the slack approch to date as the government issues exploration and extraction licenses with only nodding acquaintance with environmental laws.

Certainly the very mention of 'the environment' by a serving government minister differs to the current approach to offshore oil exploration where environmental concerns have neatly been sidestepped with the excuse that any drilling would be far enough away from the pristine west and Algarve coastlines that there is no need for an Environmental Impact Assessment.

The minister commented on the Ionic Resources oil projections while, rather ironically, attending a conference on ‘Committtment to Green Growth.’ 

Asked about the report published by Ioniq Resources and its claim to have discovered six oil deposits in Portugal's continental area Jorge Moreira da Silva confirmed that he had spoken to the company representatives and said that Ioniq Resources "will be treated as all other companies" and, "if they have an interest in exploration, they will have to make a concrete proposal."

The British company claims to have located the deposits through innovative technology called remote electromagnetic resonance, calculating that stocks would be in the region of one billion barrels of oil at depths of up to 2,500 metres 'below continental Portugal.'

The Ioniq Resources deposits based on current crude oil prices are valued at €43 billion, if they exist and are are reoverable.

Damon Walker from Ioniq said that the deposits have been identified using a technology that uses satellites to interpret frequencies emitted by various materials such as crude oil and gas. Walker said that Ioniq had not developed the technology but that the company has the exclusive license to use it for the next three years.

The company said that it already had met the Prime Minister and the Environment Minister and had sent a letter to Moreira da Silva with a proposal that it identified the resources and worked on a deal to extract the oil and gas, but still has had no answer after two months.

The minister confirmed that he had received a letter from Ioniq on November 11th 2014 which "is being examined from the technical point of view and from a legal point of view and will be answered soon."

Showing no hurry, and seemingly no interest in this potentially treasury-busting discovery, Jorge Moreira da Silva pointed out that oil companies know the rules when dealing with the Portuguese government, rules which are very clear and include a system for evaluation, for prospecting and for extraction of mineral resources, oil and gas.
 
"The Government must always treat enterprises in the same way and evaluate proposals in a rational and scientific way" and companies "know that when they have a proposal for prospecting and evaluation, there is a legal procedure which is rational and scrutinised," said the minister.

The legal procedures include submitting an application for prospecting to the Directorate-General for Energy and Geology, which then evaluates it.

Meanwhile,  no such delays are being encountered by the companies searching for oil and gas within sight of the Algarve and Alentejo coastlines.

 

 

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Comments  

-7 #7 SK 2015-01-12 10:13
Reading your article on Ioniq and the billions of barrels in place beneath Portugal detected by using satellites to "interpret frequencies used by oil and gas" reminded me of the famous "sniffer aircraft" scam.

Have a read of this :

http://en.wikipedia.org/wiki/Great_Oil_Sniffer_Hoax

Ioniq Capital's website shows not one iota of experience or knowledge of oil and gas exploration.

Their MD's quote in the About Us section possibly summarises their approach to the Portuguese Government :

No matter what the commodity, or where that commodity is, if there is a trade to be done we will do everything we can to close the deal.
-4 #6 Enid 2015-01-10 21:21
The whole things sound somewhere between a shambles and a con.

Once again our Ed. catches the essence of the story. He has spent valuable minutes digging deep and delivered us sound advice.

His work summarises the due diligence carried out by the Portuguese Government into a multi million euro investment that will cause untold and incalculable disturbance to both locals and the environment.

Sleep well Portuguese’s and any foreign chappy's who may have strayed onto this news website looking for lost pets, suppliers of wall finishing paints and / or the 'meaning of life'.
-4 #5 Ed 2015-01-10 17:36
Algarve Daily News 'sleuths' also have written to IONIQ Capital Partners Ltd, Damon Walker at but expect little new information back. Sabado did a good write up on this story including the link to Passos Coelho.

The whole things sound somwhere between a shambles and a con.

More news in tonight's (Sunday's) edition of algarvedailynews!
-5 #4 Gerald Williams 2015-01-10 15:24
Smithy has not done his homework! The Portugal Resident conspiracy sleuths are already on the case!

http://portugalresident.com/british-company-says-there-is-oil-in-portugal-but-won%E2%80%99t-say-where

So is it fracking ? ... "it classifies its technology as “disruptive” for the oil industry. "

Also a UK Chartered Surveyor listed isn't actually chartered; routine in Portugal but a total no no in the UK - and the research seems to be pure Uri Geller. Just flying over ...

and what about the close link to PM. Passos Coelho?
"Even more bizarre, one of IONIQ’s Portuguese representatives is described as being a former colleague of Portugal’s prime minister Passos Coelho"

So its going to be happening, no matter what laws are in the way ...no worries there !
-7 #3 Ed 2015-01-10 10:59
[quote name="Smithy"

- there is a Ionic Resource Solutions Ltd but it is DORMANT and has no declared assets.

http://companycheck.co.uk/company/07258413/IONIC-RESOURCE-SOLUTIONS-LIMITED/directors-secretaries#people-summary.


I think the IONIQ in question is http://www.ioniqcapital.com/services/
Ed
-7 #2 Smithy 2015-01-10 10:20
It is odd that the Portuguese Government, as with Freeport, makes no checks of the 'probity' of the larger investor here.

But stops dead the smaller investor.

So none can be sure whether this company actually exists - there is a Ionic Resource Solutions Ltd but it is DORMANT and has no declared assets.

http://companycheck.co.uk/company/07258413/IONIC-RESOURCE-SOLUTIONS-LIMITED/directors-secretaries#people-summary.

Up until June 2014 it was called DECISION RESOURCE SOLUTIONS LIMITED

And it has one Director Martyn Makinson and one Company Secretary Martyn Phillip Makinson. Not much subtlety there.

And weirdly he is actually stronger in Ionic Recruitment !

http://www.endole.co.uk/profile/2939733/martyn-phillip-makinson

Can anyone else smell yet another scam by the Portuguese ? Under the guise that, at least one Briton is involved so, be reassured investors and Portuguese Govt. Ministers (cheque already in the Bahamas) that it must be kosher ?
-4 #1 Ric 2015-01-09 21:41
'Jorge Moreira da Silva pointed out that oil companies know the rules when dealing with the Portuguese government'......
That'll be the rules setting out the value of pay-offs, bribes & cash gifts...then?

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