Two applications for oil exploration licences, but low prices dampen interest

The government has received two applications for new oil exploration licences and is currently holding talks with the applicants, Infrastructure Minister Joe Mizzi said in Parliament. Replying to a question by Marthese Portelli (PN), the minister said that following a call, two applications for exploration licences had been received   Maltese officials have made a number of international presentations on prospects in Maltese waters. Representatives of various companies had also come to Malta to assess seismic information. After 10 years, an exploratory well was drilled last year, and although the outcome was not satisfactory, the project still helped for information to be gathered on the area. Oil prices were not helping the situation and it was currently not easy to find anyone interested in investing in oil exploration, given the risks, Mr Mizzi said. He added that the government was working on the introduction of new regulations on activities on Malta's continental shelf and rules on health, safety and the environment in offshore operations.