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Italy and Malta Sign Accord on Mediterranean Offshore Oil and Gas Exploration

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July 15, 2013
By Alessandra Migliaccio and Karl Stagno Navarra

July 15 (Bloomberg) — Italy and Malta’s prime ministers reached an agreement today for joint oil and gas exploration in the Mediterranean Sea between the islands of Sicily and Malta.

“We have made a political declaration, now it’s up to the technical people to iron out the details,” Malta Prime Minister Joseph Muscat said today in an interview in Rome. Muscat and Italian Prime Minister Enrico Letta reached an agreement on an area that has been the subject of a dispute between the two countries for years.

Interest in Mediterranean oil and gas has increased following new discoveries in Israel, Cyprus and Lebanon. Today’s accord between Malta and Italy will be followed by specific agreements defining areas open for exploration, the two prime ministers said today in Rome.

Copyright 2013 Bloomberg.
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