Tag: Gas
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Chevron’s full press release on Malta’s oil exploration study
This is Chevron’s full press release about its newly-awarded exploratory license in the Maltese Continental Shelf. Parts of it were already reproduced by the local press but we are reproducing it here in full for reference purposes. This announcement was in the offing for some time, but the Labour government has kept its announcement for…
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Opposition Leader announces oil and gas bunkering in Hurd’s Bank as “new economic niche”
Opposition Leader Alex Borg announced earlier today that he pledges to create a new Maritime Hub in Hurd’s Bank to create “a new economic niche”. He said that the new economic niche will serve to provide bunkering services to ships passing through Hurd’s Bank, and added that the maritime hub will be mounted with a…
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Maltese government announces exploratory oil and gas license to Chevron
The Maltese government has quietly announced that it has provided an exploratory license for its oi land gas reserves to Chevron’s subsidiary. The announcement states that: “The offshore acreage has been covered by extensive seismic surveys but tested by only eleven exploratory wells. Presently, Areas 1, 4, 5 and 7 are licensed to Chevron Balkans…
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There are no cushions and no hedges: the Labour government is naked
When the war in Iran broke out, Finance Minister Clyde Caruana went to Parliament and said that the government has a cushion which will enable the country avoid the negative affects of the war. The Finance Minister said that the government can spend up to €250 million more in subsidies to ward off energy inflation…
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Is Europe headed to an energy crisis?
The European Union has not announced any emergency measures on energy so far. The European Commission is working on a set of measures to address electricity prices in Europe. Energy subsidies and tax cuts are increasingly becoming more popular in Europe to address the situation in the short and medium-term. Australia is one of the…
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Energy Minister announces new Hydrogen mega-project with North Africa: no plans or details announced
This week, Energy Minister Miriam Dalli casually announced that the government will invest in a renewable energy project with a North African country. No plans or details were announced: just an announcement for the press which supposedly is going to serve as propaganda for the Labour government. The amateurishness and the delusion in all of…
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Maltese government remains mum on energy purchases policy
Net News ran a report that the government is refusing to disclose details about its energy purchases. Concerns are growing about the government’s energy purchases and its overall energy policy after the war in Iran has shocked oil and gas prices upwards. Malta’s electricity system relies on a combination of imported natural gas, electricity generated…
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Oil and gas prices soar: oil and gas industry disrupted across the Gulf region
Oil prices continued going higher over the weekend as West Texas Intermediate Crude oil hit $111.56 in futures markets early this morning with gas prices in Europe also expected to open higher. The last time that oil traded at these levels was in July 2022 after Russia invaded Ukraine earlier in the year. Production across…
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European gas opens at €48/MWh after Qatar Energy halts production: Prime Minister Robert Abela assures on energy subsidies
Yesterday evening Qatar Energy has announced that it has seized production after its facilities were targeted by Iran. Qatar is a major gas supplier to Europe, and the announcement undoubtedly effects European gas future prices higher which are currently at a yearly high of €48/MWh. However this price change did not significantly affect US gas…
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EU ban on Russian gas becomes law
Yesterday, the EU has signed a law officially banning the purchases of Russian gas imports in the EU. The law was signed co-jointly by the European Parliament and the European Council. The ban on Russian has imports will take effect by the end of 2026, and pipeline gas imports will be prohibited by September 30,…
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The elephant in the room while Minister Miriam Dalli posts billboards of trees
It is very strange how no one is talking about what is probably the biggest systematic risk to the government’s finances right now. In The Maltese Herald we have always argued that €200 million every year in energy and fuel subsidies are unsustainable to the government’s finances and the government needs to find a solution to…
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UPDATED: European Council approves 19th-sanctions package against Russia
UPDATED: The 19th sanctions package includes extends the ban on all Russian imports of acyclic hydrocarbons, puts a ban on repairs of Budapest’s metro line, export ban of salts and ores, articles of rubber, tubes, tyres, millstones and construction materials to Russia and also extends the export ban list to Russia of items such as…
