Latest news and stories about energy in Portugal for expats and residents.
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In addition to physical oil products, it also holds purchase rights in European countries.
This is the second time the construction of this large-scale solar plant in the Alqueva region has been rejected, even after the project was reformulated to try and meet environmental requirements. The Portuguese Environment Agency (APA) had already issued a negative opinion in 2024.
The energy agency's decision to release 400 million barrels has already had “a calming effect on the markets”.
Rodrigo Almeida Dias joined Eversheds Sutherland in 1997, has been a partner since 2006, and has served as an administrator and managing partner since 2015. He co-coordinates the Commercial, Corporate and M&A, and Real Estate Law departments. His work covers a multitude of sectors, including Energy, Finance, Industrial, Real Estate, and TMT. As a niche market, he also dedicates himself to...
Biomethane production from urban and livestock waste could replace a large portion of the imported natural gas currently flowing through the networks. In contrast to green electricity, Portugal is lagging behind.
Luís Costa Ribas, CNN Portugal correspondent in the US, explains the reasons that led the US to lift sanctions on Russian oil
Eight of Europe's leading electricity companies — Iberdrola, EDF, Engie, EDP, Orsted, Fortum, Statkraft, and Vattenfall — have sent a letter to European Commission President Ursula von der Leyen and European Council President António Costa, advocating for the preservation of the EU Emissions Trading System and the internal market.
The White House announced the easing of sanctions on the purchase of Russian oil, which benefits the country's war chest, but has had little effect on global prices.
Galp announced that the Brazilian government has approved a 12% tax on crude oil exports, effective since Thursday. The measure directly affects shipments from the country and will have financial consequences for the Portuguese oil company. In a statement sent to the Portuguese Securities Market Commission (CMVM) this Friday, March 13, the company estimates that the negative effect could reach up to 100 million, a preliminary figure disclosed in the same note. Galp emphasizes that this quantification is based on current market conditions and expected exports. The Brazilian government expects the tax to remain in place for at least four months, during which time Galp will monitor developments and assess the operational and economic impact. Galp acquires oil exploration rights in three new areas on the Brazilian coast.
Galp revealed today that it may suffer an impact of up to 100 million euros due to the new tax that Brazil has applied to crude oil exports, which is expected to last for four months.
The European Commission guarantees that the 27 member states are not yet facing a shortage of oil and natural gas.
The International Energy Agency highlights that oil supply to the market will fall to the level it held in the first quarter of 2022.
The port of Sines is monitoring tensions in the Middle East, but it was storms that most affected offloading operations this year.
The International Energy Agency (IEA) estimates that the closure of the Strait of Hormuz due to the war in the Middle East will cause a global oil supply collapse of eight million barrels per day in March. In its monthly oil market report published this Thursday, the 12th, the IEA highlights that this conflict represents the largest supply disruption in history, noting that with an average of 98.8 million barrels per day this month, oil market output will fall to levels seen in the first quarter of 2022. This drop would represent a 7.5% decrease compared to February's supply. According to the agency's data, flows through the Strait of Hormuz have been reduced to less than 10%. These losses can only be partially offset in the short term by increased production from non-OPEC producers, primarily the US, Canada, Russia, and Kazakhstan. The IEA announced that its 32 member countries will release up to 400 million barrels from strategic reserves to stabilise the market. Despite this, prices remain volatile, with Brent crude fluctuating above $95 per barrel due to uncertainty regarding the duration of the conflict and the blockade. The IEA warns that this release is a temporary measure and that the final impact depends on infrastructure damage and the duration of the maritime blockade. For the year, the IEA has significantly revised its supply growth forecast downward to 1.1 million barrels per day, down from the 2.4 million projected before the conflict began. Demand expectations have also been significantly lowered due to reduced kerosene consumption from paralysed air traffic and disruptions in the liquefied natural gas supply chain.
Closure of the Strait of Hormuz leads to a 7.5% drop in global oil supply. War in the Middle East causes the largest disruption in oil supply in history.
Emergency stocks, which countries can turn to in special cases, are released when there is a supply disruption in the market. Negócios journalist Carla Pedro explains what they are and what they are for.
Luís Guimarães, an expert in nuclear fusion, laments the “hostile environment” in European countries regarding investment in nuclear energy, which he says “is one of the most sustainable sources of electricity” when compared to the others.
Pedro Sampaio Nunes, an energy expert, recalls that “it was with nuclear energy that Europe resolved the first oil crisis” and, therefore, highlights the importance of investment in the sector.
Portugal held 1.56 million tonnes of petroleum reserves in the final quarter of last year, with the government announcing plans to release 10% of these strategic stocks to help stabilize fuel prices amid global supply concerns.
Portuguese Energy Minister Maria da Graça Carvalho stated on Wednesday that fuel prices, particularly diesel and natural gas, are causing significant concern for the Portuguese government, other OECD nations, and international bodies like the International Energy Agency (IEA). Carvalho noted that while Portugal has 93 days of oil reserves, gas reserves are lower, at four weeks. She highlighted the vulnerability regarding diesel, which must be imported from the Middle East, and the impact of gas prices on key industries like glass, ceramics, and textiles. Although the IEA has agreed to release emergency reserves, the Minister described Portugal's potential 10% contribution as largely symbolic, serving as a gesture of international solidarity rather than a major supply shift.
The rise in diesel prices has reduced the extra cost of biofuels produced in Europe and Portugal. The sector highlights energy autonomy and sees an opportunity for growth, similar to how Brazil did with ethanol.
The country is joining the agreement of IEA member states, which have collectively decided to release 400 million barrels of oil from strategic reserves into the markets.
The International Energy Agency has announced it will release 400 million barrels of oil, the largest amount of emergency reserves ever. Portugal is contributing two million.
The International Energy Agency has announced the release of 400 million barrels of oil from its strategic reserves.
