Oil and gas concessions yield ‘derisory amounts’ for the taxpayer

A study by the respected economist, Ricardo Paes Mamede, shows that the current oil and gas exploration concession so far have yielded “derisory amounts’ for the taxpayer and have little chance of producing the sort of wealth the government keeps banging on about.

At a presentation today in Lisbon, Ricardo Paes Mamede said that anyone who still thinks that Portugal can become a country like Norway through the exploitation of oil in the Alentejo or the Algarve “has unrealistic expectations.” With the current concession contracts, extracting oil off the coast would have “a marginal impact on the public accounts.”

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