[attach id=245314 size="medium"]Labour has promised it would open all seven areas on the island’s continental shelf for exploration licensing.[/attach]

Several “large companies” expressed interest in oil exploration in Malta and meetings have been scheduled with the Government to discuss the way forward, Infrastructure Minister Joe Mizzi said.

Mr Mizzi would not give more information about the companies or how many. He did say, however, that he was “very surprised” at the high level of interest.

A few days ago, oil exploration, which until recently fell under the responsibility of Energy Minister Konrad Mizzi, was shifted to Mr Mizzi’s ministry.

Mr Mizzi said yesterday that the Labour Government would honour the promise it made in the electoral manifesto and increase efforts in oil exploration. Labour had promised it would open all seven areas on the island’s continental shelf for exploration licensing. Mr Mizzi said he informed the EU about such intentions a few days ago.

Malta has not drilled an oil well since 2002

The latest revival in the island’s long bid to strike oil and gas reserves follows the acquisition by Genel Energy, an oil exploration company listed on the London Stock Exchange, of a 75 per cent participating stake in Mediterranean Oil and Gas, which holds an exploration licence for Area 4, located to the south of the country. The plan is for a well to be drilled later this year.

Giving a talk about oil exploration last year, geologist Peter Gatt said that although Malta was situated in an area that had been highly successful in oil exploration, it had done the least exploring in the region. Among the reasons he mentioned were the absence of administrative infrastructure and lack of geological research.

Malta has not drilled an oil well since 2002 and while the island drilled 12 wells in 50 years, in contrast, Italy drilled over 7,000.

Dr Gatt had said that, over a 50-year period, the Maltese authorities had given exploration licences to British, Italian and American companies.