Cautious optimism in oil exploration

While the world is exhausting known oil reserves a great deal faster than new reserves are coming on-stream, the oil and gas industry has started exploring reservoirs in much deeper water, a much more complex geological environment.
This is good news for Malta as it laments its bad luck over 13 dry wells drilled so far. According to the government website we read that hydrocarbon exploration activity in Malta was triggered by the discovery of oil in 1953 at Ragusa in nearby SE Sicily. Official circles reveal that the main source rock for the oil is expected to be the organic rich Streppenosa oil shale unit which is designated world class in its prolific oil generating capabilities, and likely extends into the area from Sicily.

.. Ironically the government has been trying to explore and drill for oil both inland and offshore but has never been blessed with a commercial success. Exploration work in the 1960s identified a number of hopeful sites to no avail. With the price of oil at its peak the impetus for further exploration may be more tempting and modern techniques could uncover new possibilities.

Malta Today