Maldives to begin work on oil, gas and mineral exploration

The Cabinet has decided to begin legal and administrative work to explore oil, gas, minerals and other non-living natural resources within the maritime areas of the Maldives, the President’s Office said on Monday.

The decision was made at a Cabinet meeting held on Sunday following a proposal submitted by Fisheries Minister Ahmed Shiyam.

According to the President’s Office, the Cabinet directed the Ministry of Fisheries and other state authorities to begin preliminary work required for the exploration and extraction of non-living natural resources and related offshore activities.

“With this Cabinet decision, practical legal and administrative work has now officially commenced to evaluate the economic wealth within the Maldivian maritime domain and secure the economic benefits of these resources for the nation,” the President’s Office said.

As part of the decision, the government will also draft legislation governing the exploration and extraction of oil, gas, minerals and other non-living natural resources in Maldivian waters.

The President’s Office did not provide details on where exploration could take place, when surveys are expected to begin or how the government plans to carry out the work.

The decision marks a renewed government effort to assess whether commercially viable oil, gas or mineral resources exist within the Maldives’ maritime areas.

Previous governments have also explored the possibility of extracting oil and gas in the Maldives.

During the administration of former President Abdulla Yameen, surveys and research were conducted as part of efforts to identify potential oil and gas resources. The work did not result in the development of commercial extraction operations.