Chevron (NYSE:CVX) said Tuesday it will begin exploring for oil and gas south of Malta, extending its presence in the Mediterranean region and positioning itself near established producers such as Libya, Italy, and Tunisia. Malta itself currently has no active oil or gas production.
The company noted that the initial phase will focus on exploration studies using existing geological and seismic data, rather than drilling new wells.
Chevron already has a growing footprint across the Mediterranean, including operating stakes in Israel’s Leviathan and Tamar gas fields, as well as the Aphrodite project offshore Cyprus. In addition, the company holds exploration licenses in waters off Greece and Egypt.
The move comes as major energy companies continue to target the Mediterranean for new resource opportunities. U.S. peer Exxon Mobil (NYSE:XOM) has also been expanding its exploration and production activities across the region.