Look closely at Portugal: fly round? (7)
I believe the answer is:
inspect
'look closely at' is the definition.
(I've seen this before)
'portugal fly round?' is the wordplay.
'portugal' becomes 'p' (common abbreviation eg on car number plates).
'fly' becomes 'insect' (I've seen this before).
'round?' means one lot of letters goes inside another.
'p' going within 'insect' is 'INSPECT'.
(Other definitions for inspect that I've seen before include "Assess; examine" , "Scrutinize, audit" , "Look critically at" , "Study" , "Scan" .)