The European Commission is working on a proposal by Greek Prime Minister Antonis Samaras for joint efforts by Greece, Malta and Cyprus on the exploitation of sea resources, particularly oil and gas.

European Maritime Affairs Commissioner Maria Damanaki, who happens to be Greek, told Times of Malta that Brussels favoured the idea and was working on a proposal to be published soon.

Malta also confirmed its interest and is planning to hold meetings with the Greek government.

The idea of jointly exploiting the sea resources in the Mediterranean and the setting up and coordination of exclusive economic zones (EEZs) between the three countries was first floated a few weeks ago by Mr Samaras who said that energy reserves in the region were part of Europe’s assets and must be exploited.

“We must rally together for something that unites us and we must raise our head for something that gives us prospects,” he told a meeting of the Euro-Med Cooperation and Investments Mechanism in Athens.

Results could be better achieved if the three countries worked together on similar objectives, he said.

“The declaration of an exclusive economic zone is a matter of individual member states but the EU can support those countries so that the process can be quicker and everything can be completed safely,” he said.

“Look at the map and see what great possibilities this creates for Europe,” he said referring to the vast stretches of sea under the jurisdiction of the three Mediterranean countries.

A spokesman for the Foreign Office said that “it is in Malta’s interests to follow closely” the Greek initiative.

“Malta has already taken up the matter with both Greece and Cyprus and, in the coming weeks, on the invitation of the Greek government, a meeting between Malta and Greece will be held.”

Ms Damanaki said that while the issue of economic zones was a matter for member states to decide, the Commission had already prepared a study on the Greek proposal and would issue its ideas shortly.

We hope resources can be exploited sustainably

“We are very interested in this proposal and we would like to help in the facilitation of discussions between the countries,” she said.

“However, everything should be done in a coordinated way and in total respect of the Law of the Sea.

“We are drawing up a communication on the issue and hope that resources in the Med can be exploited sustainably and in a profitable way,” she added.

Malta has been trying to strike oil since the 1960s without any success.

On the other hand, Greece is an oil producer and is sitting on a vast amount of still untapped oil reserves.

Cyprus has also found reserves of natural gas but is in dispute with Turkey over jurisdiction. Turkey does not recognise Cyprus and is occupying part of its territory.

No oil exploration is being conducted by Malta although two companies have been given licences to do so.