Malta gives oil giant Chevron a licence for exploratory study
The study will evaluate hydrocarbon potential
Global energy company Chevron has been awarded a licence by Malta for exploration of four areas south of the island.
The company said it signed an Exploration Study Agreement with the Government of Malta on April 24 for areas 1, 4, 5 and 7. It will conduct geological and geophysical desktop studies based on existing data.
Such studies are the preliminary stage for any exploration for oil and gas.
“Chevron is pleased to begin this new exploration study activity in Malta, an exciting opportunity to add to our advantaged position in the Mediterranean region,” said Kevin McLachlan, Vice President of exploration at Chevron.
“We look forward to working with the Continental Shelf Department within the Government of Malta to evaluate the hydrocarbon potential in these areas. Chevron brings expertise, resources, and the technology required to develop and grow oil and gas projects worldwide.”
The agreement has not yet been announced by the Maltese government.
Chevron said the Malta exploration study licence presents it with an opportunity to add to its portfolio in the Mediterranean region.
The company operates two gas-producing fields in Israel, four offshore exploration blocks in Greece and the Aphrodite gas field that is currently in development offshore Cyprus. In Egypt, Chevron is the operator of two exploration blocks and is in a non-operated joint venture in the Mediterranean Sea.
It said the execution of an Exploration Study Agreement in Malta is part of a technology-enabled, global exploration strategy that balances frontier entry and capital-efficient growth to develop the energy needed to enable human progress.
Oil and gas exploration has been practically at a standstill around Malta for years. In 2023 a Maltese subsidiary of a Jersey-based oil and gas drilling company was granted an exploration licence to drill in two maritime zones off southeast Malta. The licence entitled Albion Energy Malta Ltd to explore offshore areas two and seven, which cover approximately 18,000 square kilometres, for a two-year period.