Malta to restart oil exploration

LA VALLETTA (MALTA) (ITALPRESS/MNA) – The Maltese government has issued an exploration licence to a Maltese subsidiary of an oil and gas company based in Jersey to drill in two maritime zones of the souteast coast of Malta. The zone is considered to have the same characteristics of several offshore oil fields in Libya and has a hgh potentional for oil and gas. However previous attempts ended without positive outcome. The Ministry of Finance stated that Albion Energy Malta Ltd will have the right to explore zones two and seven, covering an area of around 18,000 square kilomteres for a period of two years. Albion Energy Malta Ltd is expected to carry put geological and geophysical studies on existing data. This is the first announcement of its kind in recent years. Over the past months no active oil exploration licences in Malta and its waters were awarded. Albion Energy has extensive history of drilling in several sub-Saharan African countries and is considered as one of the globol oil and gas producer. The company’s Chief Executive Officer, Tony Buckingham, is also the founder of Heritage Oil. The company was granted an oil exploration licence by Malta for the same two offshore zones in 2007.
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Source: medNews