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Hopes rise of renewed offshore exploration.
(From Lloyds List)
MALTA is hoping the additional diplomatic clout of its membership of the European Union will help to unravel long-running maritime boundary issues with North African neighbours Libya and Tunisia, unlocking the door to renewed oil exploration.
Tapping potentially lucrative fields in offshore areas shared with hydrocarbons-rich Libya now enjoying normal relations with the EU and Tunisia could have profound implications for the entire Maltese economy.
The country is also positioning itself as a key link in the energy trade between southern Europe and Africa.
Malta Shipyards have already started competing for a share of the offshore business starting with a rig conversion project in 2001, now installed at the Isis field off Tunisia.
More recent projects include a semi-submersible rig repair contract for Transocean. The frenetic pace of exploration and production activity off the North African coast suggests a strong demand for such facilities to be available locally.
But the Maltese authorities are hoping to find oil and gas closer to home.
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