Malta signs agreement to ‘understand and promote’ offshore oil potential

A new offshore geophysical study is under way in Maltese waters following an agreement between the Government of Malta and global geophysical company Viridien SA to develop an integrated multi-client dataset covering the country’s offshore area.

The Paris-based firm said the project will revitalise existing seismic and well data using advanced imaging technologies, with the aim of improving the understanding and promotion of Malta’s offshore petroleum potential in the Central Mediterranean Sea.

According to Viridien, the initiative will combine historical seismic surveys and well data with new processing workflows to enhance data quality and subsurface insight. The dataset will then underpin a regional geological study designed to provide a clearer picture of the petroleum systems and prospectivity of Malta’s offshore acreage.

The company stated that this improved geological understanding is intended to support future licensing activity and enable more informed investment decisions related to offshore exploration.

“This agreement underscores our strategy of investing in high-impact, partnered projects that drive new exploration and future energy supply,” said Dechun Lin, Head of Earth Data at Viridien. “Malta’s favourable geology and strategic location offer an exciting opportunity for E&P companies looking to capture emerging oil and gas potential in the Mediterranean.”

Viridien described the Mediterranean as “one of the world’s most active offshore exploration frontiers” and said the project represents a strategic expansion of its Earth Data offering in the region.

The company brings expertise in earth science, data science, sensing, imaging and monitoring, alongside a portfolio of data, services and solutions aimed at helping clients resolve complex subsurface challenges across industries.

The development has also prompted calls for greater transparency from political party Momentum, which in a press statement urged the government to be fully open about its plans regarding oil and gas exploration, particularly in light of what it described as recent offshore exploration agreements that were not publicly announced.

Momentum also argued that Malta should continue to assess alternative and sustainable energy solutions, including the country’s potential for geothermal energy, alongside any exploration of fossil fuel resources.

No further details have yet been provided by the Government regarding the timeline, scope or potential implications of future licensing activity arising from the study.