Maldives Invites Malaysia’s PETRONAS to Assist in Surveying Oil and Mineral Resource Potential
Malaysian state-owned energy company PETRONAS boasts extensive international operations and experience in oil markets.
Maldives has invited Malaysia’s state-owned oil company PETRONAS to assist in surveying the country’s potential oil and mineral resources, Malaysian Prime Minister Anwar Ibrahim said today.
PM Anwar made the remarks during a joint press statement following bilateral talks with President Dr Mohamed Muizzu at the President’s Office during his two-day state visit to the Maldives.
advertisement
advertisement
He said president Muizzu had proposed exploring the potential presence of oil and other mineral resources within Maldivian territory and that he would discuss the proposal with PETRONAS.
Anwar highlighted PETRONAS’ extensive international operations and experience in oil markets, noting the company’s capabilities in the sector.
The proposal comes as the Maldivian government moves to establish a legal framework for the exploration and extraction of offshore oil, gas, minerals and other non-living marine resources.
On September 1, the Cabinet decided to develop legislation governing the exploration and extraction of such resources within the Maldives’ maritime zones, following a proposal by Fisheries, Agriculture and Ocean Resources Minister Ahmed Shiyam.
Under the Cabinet decision, the Ministry of Fisheries, Agriculture and Ocean Resources will work with relevant government agencies on preparatory work, surveys and operational activities related to non-living marine resources in Maldivian waters.
The government also plans to submit a dedicated bill to Parliament setting out procedures for issuing exploration and extraction permits, establishing ownership of extracted resources and creating regulatory mechanisms for the sector.
The proposed surveys would assess the potential presence of oil and other mineral resources within Maldivian territory.
