An oil company based in Israel has been awarded a licence to conduct an exploration study in Offshore Area 5, some 70km to the southwest of Malta. The area totals 8,700 square kilometres.
The licence was awarded to Ratio Malta Limited, an affiliate of Ratio Oil Exploration Limited, an oil and gas company, based in Tel Aviv, Israel.
Ratio Oil Exploration Limited has operations which include the offshore Leviathan gas field, the largest gas discovery in the Mediterranean.
Transport and Infrastructure Minister Joe Mizzi signed the agreement on behalf of the Maltese Government.
The Exploration Study Agreement has a two year term.
The company is bound to spend a minimum of U$1.5 million on the study.
During the first year, the work obligations consist mainly in the reprocessing and interpretation of existing data and the compilation of available data in a geographical information system. During the second year the company will acquire a minimum of 1,200 km of 2D seismic data and gravity and magnetic data.
This article has been extracted from http://www.timesofmalta.com, please click on this link to read the article in full http://www.timesofmalta.com/articles/view/20150204/local/agreement-on-oil-exploration-study-signed.554790
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