Final answer:
Portugal is the country on the Iberian Peninsula with Spain and is bordered by the North Atlantic Ocean on the west and south.
Step-by-step explanation:
The country located on the Iberian Peninsula with Spain, bordered by the North Atlantic Ocean on the west and south, is Portugal. Portugal shares the Iberian Peninsula with Spain, and it is known for its long history of exploration and maritime trade.
The Atlantic Ocean provides Portugal with extensive coastline which has been integral to its history of seafaring and discovery. To the south, the Strait of Gibraltar separates the Iberian Peninsula from North Africa, with Morocco lying just across the narrow strait which connects the Mediterranean Sea to the Atlantic Ocean.
This strategic location has played a significant role in Portugal's prominence in maritime exploration in the late 1400s, leading to its maritime dominance alongside Spain.