Undersea oil and mineral exploration to be environmentally responsible: Shiyam

Undersea oil and mineral exploration will be permitted among the economic activities eligible for investment in Special Economic Zones (SEZs), with environmental safeguards in place, Fisheries and Ocean Resources Minister Ahmed Shiyam said on Wednesday.

The minister’s remarks followed comments by former Environment Minister Aiminath Shauna, who expressed concern that legal incentives facilitating offshore mining and oil exploration could affect the economy.

Responding on X, Shiyam said the policy under Mohamed Muizzu to expand the economy beyond tourism and fisheries is intended to diversify economic activity. He said sectoral expansion is needed to manage exposure to external factors and global shocks and to support long-term economic planning.

Shiyam said the Maldives’ Special Economic Zone covers an area of about 900,000 square kilometres and has primarily been used for fisheries activity. He said broader use of marine resources could create additional economic opportunities if managed within regulatory frameworks.

He added that any development would be carried out with investors that meet regulatory requirements. Shiyam said projects would proceed only after studies are conducted to assess environmental impacts, noting the country’s exposure to climate-related risks.

According to the minister, environmental protection and biodiversity considerations would be part of the assessment process for proposed projects. He said economic diversification could create employment in fields including marine geology, subsea engineering and environmental science.

On Tuesday, President Muizzu revised the list of economic activities requiring a minimum investment of US$100 million. The updated list includes oil, gas and mineral exploration, in addition to gas exploration.