Maldives to Establish Legal Framework for Offshore Resource Exploration
- The Maldives Cabinet approved developing a legal framework to regulate exploration and extraction of oil, gas, minerals and other non-living resources within its maritime zones.
- A special bill will establish permit procedures, determine ownership of recovered resources, and create mechanisms to manage and regulate the sector.
- The Ministry of Fisheries, Agriculture and Ocean Resources will lead the effort, following a proposal by Minister Ahmed Shiyam, aiming to retain economic benefits for the country.
The Maldives is moving to regulate the exploration and extraction of oil, gas, minerals and other non-living natural resources found within its maritime zones.
The Cabinet has approved the development of a dedicated legal framework covering exploration, extraction and related activities. The framework will apply across maritime areas under Maldivian jurisdiction.
A special bill will be drafted to establish procedures for issuing exploration and extraction permits, determine ownership of resources that are recovered, and introduce mechanisms for managing and regulating the sector.
The Ministry of Fisheries, Agriculture and Ocean Resources will lead the work in coordination with other relevant authorities.
The decision followed a proposal submitted by Fisheries Minister Ahmed Shiyam at the Cabinet meeting held on Sunday.
The initiative begins the legal and administrative process of assessing the economic potential of resources within Maldivian waters. The planned framework is also intended to ensure that any resources discovered are managed responsibly and that the resulting economic benefits are retained for the country.
