5.000
%
Neutral
27
mm boe
0
%
Limited interest has been shown in Portugal, as better opportunities are available elsewhere, and exploration licensing is effectively closed. The re-elected centre-right government is focused on renewables and grid stability after the April 2025 blackout. Outlook maintained because there has been no material change. Outlook: Neutral. Risk premia unchanged at 5%.
October 7, 2026
Europe - North West
mm bbl
bcf
Southwestern Europe, bordering the North Atlantic Ocean, west of Spain.
Concession
Very simple Concession fiscal regime, with only royalty and corporate income tax (and some small municipal taxes for onshore fields) payable. Royalty rates vary with location (onshore, shallow offshore and deep-water) and production rates, favouring deeper water operations.
Prime Minister Luís Montenegro's centre-right AD was re-elected in May 2025, with the far-right Chega becoming the second-largest party. US and UK guidance cite an open market, golden-visa reforms and improving public finances, but note slow courts and licensing. Portugal has no hydrocarbon production; it imports gas via the Sines LNG terminal and generates most of its electricity from renewables. The Iberian blackout of April 2025 highlighted grid-stability risks.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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