The results are clear to all: Malta has the worse oil exploration record in the Mediterranean, with only 13 wells drilled in the past 60 years. Compare this to 6,000 wells in Italy, 500 in Israel, etc. Wanted - investors with deep pockets seriously able to afford multiple well exploration in our untapped continental shelf.

 Four years ago, the Office of the Prime Minister was asked to confirm a declaration by ex-Italian Ambassador Giovanni de Vito that there was a "gentleman's agreement" between the two countries under which no licences would be issued in the 18,000 square kilometre zone until a formal agreement on possible joint exploration had been reached.  

In a reply to questions, the spokesman did not refer to the moratorium but said: "As stated by the Italian Ambassador, there is no formal agreement on oil exploration between Malta and Italy and negotiations are ongoing. Both countries are engaged in constructive discussions and enhancing confidence building with the aim of agreeing on joint activity."

The Minister previously responsible for oil exploration, Joe Mizzi, (now replaced by the Hon. Michael Falzon) also assured The Times of Malta that discussions with Italy on possible joint exploration in the disputed area were ongoing. He said: "No licences have been granted by Italy on Malta's continental shelf as far as the government of Malta is aware."  Most say this reply by Joe Mizzi is a misogynist statement. Realists assert that, in order to make headway in the exploration, there must be expert advisers. Only this way can we make up for lost time.

A future National Oil Company (if only Dr Robert Abela and his Energy Minister can be persuaded to register it) needs the best technical brains to engage with the oil majors for a renewed initiative to risk exploration in a multiple well search. History has taught us that palliatives in fossil fuel exploration are a waste of time.

Definitely, when the Muscat government was elected in 2013, a new crafty plan was put in motion. This ingenious plan was to privatise electricity production to a consortium headed by Socar (a government agency from Azerbaijan) together with two local groups and Siemens to install and run a Liquified Natural Gas facility (LNG).  Enemalta converted the BWSC power plant to run on natural gas making use of the new LNG facilities.

The third leg in the supply trilogy was laying a subsea electric cable linked to Sicily. This plan paved the way for a 25 per cent reduction in electricity tariffs. A degasification plant is added in Delimara to facilitate the unloading of LNG tankers. Talks to lay a subsea gas pipeline linked to Sicily started in late 2012 and if EU funding is secured, this will connect the Delimara power station to Gela.

Environmentalists may complain that the laying of such a gas pipeline will endanger the Mediterranean seabed morphology, encounter engineering limitations, maritime boundaries and upset seafaring activities. The successful bidder will be required to identify the best route through a detailed study. including a conceptual design of the pipeline and land-based infrastructure, and to identify the connection points, onshore routes and sites for the terminal stations in both Gela and Delimara.

Back to oil and gas exploration, geopolitical tensions with neighbouring countries over the delineation of the continental shelf have been a problem in the past, with some seeing this as a permanent obstacle to restart exploration.  As was to be expected, the oil exploration efforts also led to tensions with countries Malta had considered as friends.

The most prominent incident occurred in the 1980s when Libya sent a gunboat to stop Sapiem - an Italian oil rig - from drilling for Malta in an area it considered as its own.  A dispute filed in an international court lasted over a decade and led the contestants to reach a settlement during which time many opportunities were lost, considering that on the south side of our continental shelf, there are good prospects. In the North, near Sicily, there are known oil fields, so there is a chance for a profitable find, but economies of scale must be considered.  

Interest in oil exploration under the seven-year Muscat administration eased completely - the government was more keen to exploit migration funds (Henley & Partners  passport scheme) and rich pickings from high-rise luxury projects by property magnates privileged with scandalous Planning Authority permits. Prime Minister Muscat considered these as smarter ways to boost the economy.  Let's face it - oil and gas exploration has a longer payback period compared to other cash-generating ventures.

Scary stories hit the deadlines about how the private sector was being lured by generous handouts to invest in the privatisation of three hospitals. Magnates were flocking to reap dollar gains from generous concessions in public land in the Zonqor Point University Project.  Be that as it may, a last serious attempt to drill was almost a decade ago and, since then, there have been no initiatives to attract investment. We lost a decade in issuing the next license, while our competitors (Cyprus, Israel and Egypt) continued - and have struck gold. This is an embarrassment - even though during the past seven years of Muscat administration, the economy has raced ahead with full employment and a high GDP growth.  

As can be expected, the Continental Shelf department has accumulated a substantial number of seismic studies carried out over the past 60 years, some of which could be useful if passed over to new investors (albeit being based on old technology that may now be obsolete). The island experienced many false hopes from previous exploration mêlées, as a consequence of which the electorate began to consider such announcements (usually timed to coincide with a general election) with a sense of déjà vu.  

On the other hand, talk to Dr Gatt -  an independent geologist - on the subject and he is emotional about the dire attempts to date, on the part of past and present administrations, to fund the search for oil. In his opinion, it is so derisive that we have failed when the central Mediterranean basin is so rich in proven deposits.

Perhaps it is all a balmy Californian dream that we are living. Are we throwing caution to the wind? Critics predict that the new Energy Minister appointed last week will take up the gauntlet and call for investors to make bids for our hitherto untapped continental shelf.  Only then can we improve our future GDP growth by exporting native gas to the European mainland - perhaps a belated Californian dream come true.

George Mangion is a senior partner of audit and consultancy firm PKF Malta