2.500
%
Neutral
19
mm boe
0
%
Malta's offshore is gaining traction in the wake of the discoveries made in the Levant basin, predominantly in the Israeli sector.
February 13, 2024
Europe - North West
mm bbl
bcf
Southern Europe, islands in the Mediterranean Sea, south of Sicily (Italy).
PSC/PSA
Relatively simple Production Sharing Contract ("PSC")-based fiscal regime. No royalty is payable. Cost recovery ceilings are negotiable with a specified maximum; profit oil splits are also negotiable, based on project profitability. The contractor is also liable for corporate income tax.
Given its central location in one of the world’s busiest trading regions, as well as its relatively small economy, Malta recognizes the important contribution that international trade and investment provides to the generation of national wealth. Prior to COVID-19, Malta was one of the EU’s fastest-growing economies. In 2022, real GDP growth is estimated to have reached 6.6%. In 2023, real GDP is forecast to grow at a slower pace, by 3.1%, following a wider economic slowdown in Malta’s main trading partners. In 2024, real GDP growth is expected to reach 3.7%, supported by net exports and growth in domestic demand. Malta’s unemployment rate stood at 3.1% in February 2022. The top three credit rating agencies assess Malta’s economy as stable. The current sovereign credit ratings are A-/A-2 with a stable outlook (S&P); A2 with a stable outlook (Moody’s); and A+ with a stable outlook (Fitch).
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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