US Chevron announced on May 5 its entry into the Maltese energy sector to explore for natural gas and oil, marking a strategic expansion into a territory situated between established Mediterranean producers Libya, Italy, and Tunisia. The move aims to unlock potential in a nation that currently lacks domestic production, according to Reuters.

The initial exploration phase will prioritize the analysis of existing geological data rather than the immediate drilling of new exploratory wells. This data-led approach is designed to rationalize costs while identifying high-prospect areas south of the island.

The expansion follows a broader plan of increased activity in the Eastern Mediterranean by US-based companies. Chevron’s regional rival, ExxonMobil, has also been expanding its Mediterranean portfolio to capitalize on emerging resources.

This new venture strengthens Chevron’s already extensive regional footprint, which includes holding operating stakes in the massive Leviathan and Tamar natural gas fields in Israel. Additionally, the company manages the development of the offshore Aphrodite field in Cyprus while maintaining several exploration blocks within established and frontier territories across Egypt and Greece.

Malta currently relies heavily on imported fossil fuels and has one of the lowest energy prices in Europe. The government is pursuing a dual strategy: exploring domestic natural gas potential to enhance energy security while simultaneously setting a target for a 10% share of renewable energy in its consumption mix.

Chevron is a leading integrated international natural gas and oil company that manages a diverse energy portfolio. The firm focuses on the full energy value chain, from upstream exploration to the production and marketing of high-performance finished lubricants.