Portugal Environment Body OKs Oil Well Off Alentejo Coast

Portugal’s Environmental Agency gave its tacit approval on May 16 to a consortium of Galp Energia and Italy’s Eni (NYSE: E) to drill an oil exploration well off the Alentejo region’s coast, a project that environmental activists are trying to block.

It would mark the resumption of drilling in Portugal after a long hiatus, with opponents arguing the risks outweigh the chances of finding any significant quantities of oil.