Oil exploration license awarded to Edison International

Edison International has just been awarded a one-year oil exploration license by the government to evaluate data for a vast area north of the Maltese islands.

The license covers offshore blocks one, two and three in Area 3 in Malta's exclusive economic zone. The area is approximately 6,400 square kilometres, the government said in a statement.

The Continental Shelf Department said that the exploration study agreement has a duration of one year with the possibility of extension by a further two years subject to an additional work programme. The work obligations for the first year mainly consist of geological and geophysical studies on existing data.

Edison Exploration and Production has a portfolio of about 90 licences in 10 countries in the Mediterranean area and Northern Europe, the company has been sold to Energean Oil and Gas just a couple of weeks ago for an initial consideration of $750 million.

The full shareholding of Edison Exploration and Production and all its subsidiaries in the hydrocarbons exploration and production business were acquired by the Greek-owned company on 3 July.