Cabinet Decides on Legislation to Govern Offshore Oil, Gas and Mineral Exploration
As per the press release by the President’s Office, ministers reached the decision during a Cabinet meeting. | President’s Office
The Cabinet of the Maldives has moved to establish a comprehensive legal framework to regulate the exploration and extraction of oil, gas, minerals, and other non-living marine natural resources within the nation’s maritime zones.
As per the press release by the President’s Office, ministers reached the decision during a Cabinet meeting on Sunday, following a proposal presented by the Minister of Fisheries, Agriculture and Ocean Resources, Ahmed Shiyam.
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Officials report that under the new directive, the Ministry of Fisheries, Agriculture and Ocean Resources will collaborate with relevant government agencies to oversee all preparatory work, surveying, and operational activities related to non-living resources in Maldivian waters.
As part of the initiative, the government plans to draft a dedicated bill for submission to Parliament. According to the President’s Office, the proposed legislation will establish procedures for issuing exploration and extraction permits, clarify the legal ownership of extracted resources, and create regulatory mechanisms to monitor the emerging sector.
Furthermore, government officials confirmed that the decision initiates the administrative and legal processes required to evaluate the economic potential of the country’s maritime territory, whilst ensuring that any future resource development adheres to regulatory oversight and secures national economic benefits.
