Malta and Tunisia have reached an agreement on joint oil exploration and exploitation in zones of the Continental Shelf located between the two countries.

The agreement was signed in Tunis by Foreign Affairs Minister Michael Frendo and his Tunisian counterpart, Abdelwaheb Abdallah. It has been described by Dr Frendo as a giant step forward towards resolving a 35-year-old dispute.

What is happening now is that the exact coverage of these zones is being determined through the setting up of joint expert groups which will report their findings to the respective ministers in the coming months. The possible rights of third countries will also be given their due attention and will follow the relevant rules of international law, according to the agreement signed.

The accord in itself is of great significance because it shows the level of cooperation that exists between these two neighbouring states. The two sides have always enjoyed excellent relations and the fact that they have now agreed to tackle an issue of such importance is another indication of the willingness that there is from both ends. In itself, the agreement ought to serve to strengthen the ties between Malta and Tunisia.

Malta’s own experience in oil exploration has so far brought about no concrete results. Various contracts were awarded in the past for oil exploration purposes but unfortunately these have not led anywhere. The optimism that reigns each time that Malta announces that it is exploring for oil has always sharply collapsed as the findings were always negative or the amounts found were not commercially viable.

But Malta has never given up its quest, and this is yet another attempt that we all hope would bring about a positive change. At a time when the international price of oil is going up, with the result that the cost of energy has risen tremendously, having our own fuel resources would prove beneficial to the country and specifically the Maltese standard of living.

Naturally, the signing of the agreement with Tunisia is only the first step in this direction. The process is still in its early stages. Apart from the technical reports that need to be drawn up, which will include the coordinates of the areas that will be surveyed for oil, tenders will then have to be issued jointly and taken up before the exploration starts.

And, while everything has been done and will be done in this regard, there is of course no guarantee that oil will be struck in enough quantities so as to make it commercially viable, for the two countries, to get on with the job. So, at this point in time, we must all keep our feet on the ground and await developments, which might take months, if not years, to come to a head.

What is important now is that the momentum is maintained, and that the agreement reached between Malta and Tunisia will be followed to the letter. Now that this first “giant” step has been made, to quote Minister Frendo, no stone should be left unturned to continue this level of cooperation that could ultimately bring about important results for the benefit of both Malta and Tunisia.

There are other positives now that the agreement has been signed between the two countries, having both direct and indirect advantages. As Minister Frendo pointed out at a press conference to give details on the agreement, “the fact that we reached a cooperation agreement will also be more attractive for commercial entities because they always steer clear of disputed areas”.

Such an agreement could open the way for a better future for Malta. But, we must insist, only the foundations have been laid.