There has been so much talk about oil exploration over the past 55 years that news of a possible agreement with Italy over joint exploration offshore is hardly likely to generate any excitement.

So many hopes have been dashed that people will only believe an oil strike when they see the ‘black gold’ gushing out of a well. And, yet, scepticism aside, this could very well turn out to be a nice Christmas present to Malta, provided that, as expected by Prime Minister Joseph Muscat, it is concluded before the end of the year.

If the two countries do not make it by that time, Dr Muscat would have no political reason to worry unduly. On the contrary, an agreement close to the Euro-Parliamentary election campaign would do even better for his party, at present at the receiving end of much-deserved harsh criticism over the half-baked and rashly piloted citizenship sale scheme. It is this scheme, brought out like a rabbit out of magician’s hat, that will continue to hold public attention in the days and, possibly, weeks to come, not the possibility of a joint exploration agreement with Italy.

Yet again, in the context of the island’s oil exploration story, and the way Italy extended its offshore exploration area in Zona Marina C in December 2012, the new development deserves close attention.

Zona Marina C, considered as big as two-thirds of Sicily, incorporates areas claimed by Malta. No details of the area being considered for joint exploration have been given but Dr Muscat hopes an agreement could be reached soon.

The announcement was made by Dr Muscat and the Italian Prime Minister, Enrico Letta, who made a whirlwind visit to Malta for talks over irregular immigration. Mr Letta appears so confident of an agreement that he said that the delineated area could eventually even be enlarged.

With news of further trouble erupting in Libya, with whose government Malta recently signed what Dr Muscat called with much fanfare a “breakthrough deal”, the new development with Italy could not come at a better moment. It would, at least, soften the blow the people had received to their expectations of quick results from the so-called “breakthrough deal”.

The government of Libyan Prime Minister Ali Zeidan, who last month was kidnapped for a few hours by gunmen in Tripoli, has promised to supply energy products to Malta at preferential rates. But this, as well as an agreement for joint exploration, something that has been on the cards with Libya for many years, would have to wait until the situation in that country stabilises.

Hopefully, it will but controlling the militias is easier said than done. In any case, irrespective of the goodwill that the Libyans have for Malta, it will take time for the memorandum of understanding signed with the Libyan government to start taking shape.

But there are other directions to which Malta can turn in the hope of coming to an agreement over other possible joint attempts at exploring for oil.

Some weeks ago, Greece had suggested cooperation with Cyprus and Malta in “the bid to maximise the potential for hydrocarbon discoveries”. To what extent have Greece’s overtures been followed? And what has happened to the attempts to explore for oil together with Tunisia?

It is pointless discussing the impact an oil find could have on the economy before it is actually found in commercial quantities, but it pays to keep trying.