Cabinet Approves New Legal Framework for Oil, Gas and Mineral Exploration

The Maldives Cabinet has approved the establishment of a comprehensive legal framework to govern the exploration and extraction of oil, gas, minerals, and other non-living marine resources within the nation's maritime zones. The decision, reached during Sunday's Cabinet meeting, follows a proposal submitted by the Minister of Fisheries, Agriculture and Ocean Resources, Ahmed Shiyam. This move signals a strategic shift toward assessing the untapped economic potential of the country's vast ocean territory. Under the new directive, the Ministry of Fisheries, Agriculture and Ocean Resources will lead the initiative, collaborating with relevant authorities to manage the technical and operational aspects of exploration and extraction. To support this, the Cabinet has mandated the drafting of a special bill. This legislation will regulate the issuance of permits, clarify the ownership of extracted resources, and create a formal management mechanism for the sector. This administrative process is designed to ensure that any resources identified are managed responsibly, with the primary goal of securing long-term economic benefits for the Maldivian people. By establishing a clear regulatory environment, the government aims to attract sustainable investment while safeguarding the marine environment. With a maritime area covering approximately 900,000 square kilometers, the Maldives possesses a significant geographical advantage. The government is now focusing on strengthening its legal infrastructure to systematically protect these resources and maximize their sovereign value. This initiative is part of a broader effort to diversify the national economy and enhance the management of the country's expansive blue economy.