Oil exploration potential to be assessed
Three offshore blocks totalling 6,400 square kilometres have been awarded to the oil company Capricorn Malta Limited to conduct a study, acquire additional data and assess the exploration potential of the acreage under an Exploration Study Agreement.
The contract was signed by Resources Minister George Pullicino. The offshore areas granted are Blocks 1, 2 and 3 of Area 3, located north of Malta.
The principal financial obligations of the two-year agreement are:
* A signature bonus of $100,000 to be paid within 15 days of signing of the contract;
* Expenditure of at least $2.5 million on exploration operations within the term of the agreement;
* Annual rentals of $192,000 per year;
* Annual administration fee of $100,000;
* Annual contributions for education and equipment of $75,000.
The work programme consists mainly of the reprocessing of existing 2D seismic data, the acquisition and processing of a minimum of 1,500 km of new 2D seismic data and the carrying out of technical studies consisting of the integration and interpretation of the existing and reprocessed data together with the newly acquired seismic data with appropriate well data and the mapping of key horizons over the area covered by the available seismic data.
The agreement may also, at the option of Capricorn Malta, be extended for an additional 12 months if the company undertook to carry out an additional annual work programme comprising of acquiring 3D seismic.
At any time during the term of the agreement, Capricorn Malta has the option to enter into a production sharing agreement with the government for any part of the acreage covered by the agreement.
The terms would be negotiated at the time.
Technical meetings will be held between the government and the oil company to review and discuss the interim results of the exploration study.
Capricorn Malta is a subsidiary of Cairn Energy plc, a company listed on the London Stock Exchange.
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Kurt Mifsud
Dec 10th 2012, 10:16
Ara tajjeb sirt fortune teller issa jien. Kont bassart dan kollu madwar 4 snin ilu! Jekk hawn min qed jistenna li nibilghu din nehodha offiza :p
Ethelbert Schembri
Dec 10th 2012, 10:05
Yep .. election is definitely around the corner !! Hoe pathetic from the PN, they don't realize they used this gimmick ad nauseum and we're definitely nauseated by their pathetic tactics..
Byron Abela
Dec 10th 2012, 08:56
I think all these people who have commented are experts in geology.
Herman Mercieca
Dec 10th 2012, 07:58
Jekk hawn xi hadt li qaraq bil poplu hu il-pn uGonzi u l'ittri li qieghed jibat id-dar biex ibeza il-hadiema tal gvern.
pat muscat
Dec 10th 2012, 07:55
Fi zmien l-elezzjoni iz-zejt dejjem jitla f'wicc l-ilma!
Julian Borg
Dec 10th 2012, 06:19
X'tahwid qed tghid? Sa fejn naf jien it-turbini garbet xi hsara u issewwiet - xi tridu jaghmel il-gvern? It-tahwid fl'imhuh tan-nies grazzi ghal qerq tas-Super One.
Herman Mercieca
Dec 10th 2012, 08:01
Jekk hawn xi hadt li qarq bil-poplu malti hu il-gvern ta gonzi plus li qieghed ibeza b'littri li qieghed jibat fid-djar
Herman Mercieca
Dec 10th 2012, 08:15
jekk hawn xi hadd li qaraq bil-poplu malti hu il-gvern ta gonzi meta wieghed 5000 gob fi smart city u l'ittri li qieghed jibat fid-djar biex ibeza il-hadiema
Julian Borg
Dec 10th 2012, 10:33
Il-Gvern ta GonziPN veru ma kkreax 5,000 job go Smart City (inizzjattiva PRIVATA). Pero kkrea 20,000 impieg ma Malta kolla u biex issib xi hadd ghal job fl'IT, kwazi impossibli. L'impjiegi gew kkreati u ma ma kelniex bzonn Smart City biex nassorbu in-nies li jridu jahdmu. Kieku sar Smart City b'5000 job m'hawnx bizzejjed nies ha jimlewhom! Success ta GonziPN!
David Magro
Dec 10th 2012, 06:13
How come that whenever the is an election GonziPN will mentione oil exploration....the most extensive improvements were made during Labour admin 1996 and 1998, after that everything stopped.
philip forace
Dec 9th 2012, 21:57
6400 square kilometer = 2471.053814672 square mile
1500km is what. maybe it is one area? If it is in the 4 it is a drop. One should look at the company , as each company normaly say this year block one , block two later or one and two. what do they have in mind. makes a difrence? any data of years ago?
this is just NEWS. more info needed.. look at africa oil company , block no ,when ect
j camilleri
Dec 9th 2012, 20:18
Ma' jaqtawx qalbhom dawn in-nattjonalitti.
Victor Vella
Dec 9th 2012, 20:05
Ahjar il-gvern immur jara it-tahwid li ghandu fil-power station milli joqghod jinhela fl-illuzjonijiet u hasil ta` mohh li mhux sa jwassal xejn hlief ghas-soltu gideb u tixwiex ta` GonziPN.
philip forace
Dec 9th 2012, 19:53
ONE canadian company this winter season invested 25Millon to find silver and will invest an other 20 millon next year in looking , as they MIGHT find SILVER. what is 2.5 millon. A drop in the water. When I worked in these ships years ago we used to make 1 millon profit per month after paying every thing. so please one needs to speak big numbers before you even make a dent and get my attention.
Anthony Paul Naudi
Dec 9th 2012, 19:45
Ghax ma jmorrux jesploraw fil Medina Bank ghax jekk mhux sejjer zball dik l-area kienet iddikajrata bhala territorju malti. Qabel ma jinstab iz-zejt jien ma nemmen lil hadd.Tal biza il-flus li qed jintefqu fuq l-esplorazzjoni u qatt ma titla qatra zejt minn imkien.
A.P.Naudi
philip forace
Dec 9th 2012, 19:41
A Seismic ships does 4 knots min . 1500 km divide by 4 knots is about 10 days work at full producion. then it is sent to be analysed. 3D seismic exploration will start if the resultys get a GOOD possible picture only. Many contries find but never drill for it as the quanity will be small. these are the way thing are normaly done. Some time is just fishing in a pool for fish.
philip forace
Dec 9th 2012, 19:30
info
Please note 2 D seismic data is the primative data .
As a start one need to do 3d seismic data after to get a better picture, were to drill and if it is worth while so we might be closer next year or so if the second data will be done quick and they have the money.
By spending 2.5M it about two months or less work of a seismic ship. Nothing so special. it a start.
Joseph Micallef
Dec 9th 2012, 18:30
Iż-żejt ta' GonziPN. Il-qerq ta' dan l-hekk imsejjaħ prim ministru imur li l'hin minn kull limitu. Prim ministru li se jgħereq fil-fond u ma jistgħax jaċċetta l-għarqa. Mill-qalb, nieħu gost narak nieżel mis-siġġu tal-poter u tintrema fl-istorja bħala l-għar prim ministru u kap ta' partit li qatt rat Malta.
Alfred J. McEwen
Dec 9th 2012, 18:29
So why did Gonzi go crawling off to Libya to negotiate for cheap oil......??
Anthony A. Mifsud
Dec 9th 2012, 18:25
Give me a break! Rental charges ta Rig on land cost $225.000 plus. So the cost for the block rental is $100.000
I don't understand any more, my mind boggles
And the drilling company has tp pay $75.000 for education & equipment? What equipment are they building a shack or a dog house? That $75.000 is a pay check for driller.
Should there be a knowledgable person that cn untangle these Quest
Mr Joe Cardona
Dec 9th 2012, 17:36
Imma kif dawn ghadhom jemmnu li l-poplu tbellalu r-ross bil-labra.
X'qed jahsbu li hu l-poplu C bit-tikka jewilla.
Le ftit xhur ohra u nehilsu minnhom darba ghal dejjem.
pat muscat
Dec 9th 2012, 17:02
How many times do we have to endure this oil gimmick during elections time?
Lawrence Fenech
Dec 9th 2012, 17:01
Issa ahjar, l'ewwel GonziPN jghid li Joseph ser igib l'ilma jizfen u GonziPN ser igibilna iz-zejt jizfen. Kemm ser nisimghu cucati lejliet l'elezzjoni.
M. Bezzina
Dec 9th 2012, 16:52
Is it connected with the election??Cos I am very surprised how these things come out dueing this time but nothing happends for the rest of 5yrs of legislation!!
Nazzareno Cortis
Dec 9th 2012, 16:49
Just leave the people alone--------we have had enough of this b---shit!!!! Just let the people choose the next government on the results of the last four and a half years of uncertainty of the PN Govt.----and please stop bombarding the televiewers ---especially on TVM with morning and afternoons--monday to sunday--PN propaganda with the biased presenters giving a helping hand---and all against PL!
Catherine Mercieca
Dec 9th 2012, 16:46
Here we go again, please spare us this, we are not that stupid!!
j brincat
Dec 9th 2012, 16:27
Why is it that I'm not impressed?
Could it be because it's too close the upcoming election?
(jb)
M Saliba
Dec 9th 2012, 16:14
Minister of resources increased a € 1 million contract to € 29 million. The income from this oil exploration contract will be one tenth of the extra money spent by the minister of resources over the last four years.
A.Felix Busuttil
Dec 9th 2012, 16:05
its the election gimmick .
J.C. Borg
Dec 9th 2012, 16:39
No, preparing a smoother way for Joseph - if he becomes our PM after next election.
N. Montanaro
Dec 9th 2012, 15:58
Maybe that's how Joe will reduce our energy bills!!! Mystery is solved
Joseph Camilleri
Dec 9th 2012, 15:52
Issa jekk jerga jitla il PN, nittama li din l'avventura ta 'oil exploration' ...f'kellma ohra, li nsibu iz-zejt ssir realta! ...izda 99.9% jekk jerga jitla il PN jisparixxi kollox, u jekk jitla il PL, aktar u aktar! Heh! Stuck between two parties, with the 3rd one being even worse then the main two! X'ghazla ghandu il poplu Malti! Yukk!!
Anthony A. Mifsud
Dec 9th 2012, 18:17
Keep dreaming Mr. Dreamer!
Ninu
C Busuttil
Dec 9th 2012, 21:35
Jekk jitla l-PN l-ewwel haga li jaghmel mhux issib iz-zejt imma zieda fil-kont tad-dawl issa drajnihom
Joseph Micallef
Dec 9th 2012, 15:15
ooooooooohh.... elections, elections, elections!!! Gonzinu sab iż-żejt!! anqas żejt f'wiċċhom ma fadlilhom dawn in-nies!! oooooleee oooleee oleeeeeeeee... nazzjunalistiiiii nazzjunalistiiii. pffffff
Victor Laiviera
Dec 9th 2012, 15:13
Never fails - you can tell the proximity of an election by the number of oil-exploration related pieces in the papers .....
Carmel Zammit
Dec 9th 2012, 15:10
I know for sure that the election is near at hand possibly an arms distance away!!!!! what a laugh!!!
Tony Borg Borg
Dec 9th 2012, 16:29
C. Zammit Ilkom gejjien biha ta' l-elezzjoni erba' snin u nofs. ma nafx fihiex dahqa din.
Joseph Micallef
Dec 9th 2012, 18:07
Aħna ilna ġejjin biha? Franco Debono, wieħed minn tagħkom qalilkom li kelkom tmorru għal elezzjoni imma GonziPN ma jafx jistħi u bil-wiċċ vili issa jrid il-koperazzjoni ta' l-oppożizzjoni fuq il-budget. Issa jeħodha l-koperazzjoni! Niġru nniżluħ minn hemm!
N. Agius
Dec 9th 2012, 15:08
Desperately looking for some feel good factor.
Please choose the reason of your report below: