Source: Mr.Mangion¸ PKF Malta
As published published on Sunday 3rd February 2013 in the Sunday Independent
Can Malta become a potential exporter of its own oil or gas and from the proceeds solve its recurring annual financial deficits while start in ernest to repay its accumulated debts? The answer is not easy :- given that the subject is taboo especially now when elections loom ominously on the horizon. Still reliable sources say that MRA has recently granted a foreign company an oil exploration licence in a promising area to the south of the island. Conspicuously the man in the street expects that whoever is elected next month makes it a priority to seriously consider a proper investment strategy and plan a solid future oil exploration plan. In this context it is encouraging to read that PKF has teamed up with Master Investor 2013¸ which is UK’s leading investment show taking place in central London on the 27 th April 2013. The show is now in its 11th year and attracts over 2¸500 attendees where investors meet with top executives in various sectors including oil and gas exploration and ancillary industries. It also gives investors unique insights on country specific opportunities. PKF will be inviting political parties¸ representatives of MRA and other Enemalta representatives in the oil procurement division to participate and actively contribute to the development of the industry. With hindsight we remind readers that it was more than fifty years ago that the government of the day embarked on a drive to market Malta’s offshore oil acreage among companies with a view to encouraging them to prospect for oil and gas . Precisely it was 1954 when an unsuccessful onshore concession was awarded to a company called D’Arcy Exploration (BP) to drill a well in Naxxar. All attempts since then failed some with 12 dry wells and a few others with limited oil and gas prospects .Sadly no commercial success followed yet it is still a mystery how EneMalta never invested sufficiently to conduct its our own seismic 3D surveys. Officials in the oil division point to a bone of contention in the promising area located in the south banks numbered 4¸5¸ 6 and 7 which are close to Libyan waters .These have been in dispute for over forty years since the ex-Gaddafi regime never conceded to Malta’s claim of ownership and refused even to conduct joint exploration. In particular <span lan