Maldives to establish legal framework for maritime resource exploration

The Maldives Cabinet has resolved to establish a dedicated legal framework to govern the exploration and extraction of oil, gas, minerals, and other non-living marine natural resources within the nation’s maritime zones.

Following a proposal by Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam, the Ministry will coordinate with relevant authorities to manage exploration and extraction activities. The government plans to draft a special bill to regulate the sector, which will address the issuance of permits, the ownership of extracted resources, and management mechanisms.

This initiative aims to assess the economic potential of the Maldives’ maritime areas and ensure resources are managed responsibly for national benefit. This move aligns with President Mohamed Muizzu’s previous announcement regarding a feasibility study to establish a national strategic oil reserve within the next five years to strengthen energy security.