Finance Minister Clyde Caruana said that Malta has started the process of declaring an Exclusive Economic Zone (EEZ).

Speaking in Parliament on Monday, Minister Caruana said that this zone would be located in the central Meditteranean, with the potential of extending its reponsibilities by as much as 71, 446 square kilometre beyond territorial waters.

An exclusive economic zone is an area of the sea in which a sovereign state has special rights regarding the exploration and use of marine resources, including energy production from water and wind.

Caruana said that an EEZ could bring about huge economic potential in the coming years for resources related to energy production.

At this stage, Minister Caruana did not specify how far and to where the zone will extend to as this will be a process carried out in the coming years. When considering this process Malta will have to take into consideration the obligations it would need to shoulder, especially its capacity in order to ensure that there is adequate maritime environmental protection.

Nationalist MP Carmelo Mifsud Bonnici said that the opposition was backing the bill.

He noted that that how far and to where the EEZ will extend to, needs to be a cautious and well-studied process.