Chevron announced Tuesday it will begin oil and gas exploration in several blocks south of Malta. The initiative expands the company's Mediterranean activities, which include major stakes in gas fields offshore Israel and Cyprus.
Malta currently has no energy production despite its location between energy producers Libya and Italy. The initial project phase focuses on an exploration study of existing geological and seismic data rather than new drilling.
This move aligns with Chevron's strategic portfolio reshaping following its acquisition of Hess. The company aims to diversify its asset base through long-term resource development.