The prime ministers of Italy and Malta said Monday they aim to reach an
accord that will allow the two Mediterranean countries to define
offshore areas open for hydrocarbon exploration, possibly allowing for
joint work to be carried out.
"We are sure that this is the time that we will find an
accord...or else nobody will reap the benefits," said Italian Premier
Enrico Letta at a press conference in Rome with his Maltese counterpart
Joseph Muscat.
In recent years there have been large discoveries of
hydrocarbons in the Mediterranean Sea, particularly in Israel, Lebanon
and Cyprus, which could lead to significant changes in demand patterns
and boost royalties to public coffers.
"There is the possibility of joint exploration so that Italy
and Malta don't waste time in bickering on the miles defining their
borders," said Mr. Muscat at the press conference. The area is
"promising," he added.
Malta and the Italian island of Sicily are located very close
to one another. Both countries import most of the gas and oil they need.