Chevron expands Mediterranean activities with exploration offshore Malta
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Chevron will begin exploring for oil and gas in waters south of Malta, marking a significant step for the Mediterranean island nation, which has no active hydrocarbon production and has yet to record a commercial offshore discovery.
The U.S. energy major signed an exploration study agreement with Malta covering four offshore areas — 1, 4, 5 and 7 — off the country’s southern coast. The agreement was signed on April 24 and will initially focus on geological and geophysical desktop studies using existing seismic and subsurface data rather than new drilling operations.
The move places Malta more firmly within the Mediterranean’s growing energy exploration landscape, alongside regional producers and exploration hubs including Libya, Italy, Tunisia, Israel, Cyprus, Greece and Egypt, where Chevron already has exploration or production interests.
Kevin McLachlan, Chevron’s vice president of exploration, described Malta as “an exciting opportunity” that could strengthen the company’s position in the Mediterranean region. He said Chevron would work with Malta’s Continental Shelf Department to assess the hydrocarbon potential of the offshore acreage.
Chevron said the agreement forms part of a “technology-enabled, global exploration strategy” aimed at balancing frontier exploration with capital-efficient growth.
Malta’s offshore sector remains largely unexplored. Only two exploration wells have previously been drilled in the acreage now covered by Chevron’s studies, both in Area 4. Amoco drilled the Tama-1 well in 1993, while Genel Energy drilled the Hagar Qim-1 well in 2014. Both wells were reported as dry.
Earlier this year, seismic company Viridien signed an agreement with the Maltese government to develop an integrated offshore geological dataset aimed at improving understanding of the country’s petroleum systems and exploration potential.
Chevron’s move comes amid renewed interest by major energy companies in the Mediterranean basin, where recent years have seen major gas discoveries and expanding offshore activity. U.S. rival Exxon Mobil has also expanded exploration and production operations across the region.
