Edison International has been awarded an exploration licence by the Government of Malta for offshore blocks 1, 2 and 3 of Area 3 located north of the Maltese Islands.
These areas total approximately 6,400 square kilometres. Although it was made public today, the license was awarded in June.
The Exploration Study Agreement has a duration of one year with a possibility of being extended by a further two. The work obligations for the first year mainly consist in geological and geophysical studies on existing data.
Edison International is wholly owned by Edison Exploration & Production. Edison Exploration and Production has a portfolio of about 90 licences in 10 countries in the Mediterranean area and Northern Europe with an average daily production of approximately 40,000 barrels of oil equivalent.
Last November the Prime Minister had said that companies are interested in oil digging but said that it would not make commercial sense to give more information about the companies before coming to an agreement.