The Maldivian government on Sunday decided to authorize exploration for natural gas and other mineral resources within the country's territory.
According to a statement released by the President's Office today, the extraction of gas and minerals will be permitted and conducted strictly within a comprehensive legal framework.
"The Cabinet has decided to formulate a legal framework regarding the exploration and extraction of oil, gas, minerals, and other non-living natural resources within the Maldives' maritime zones," the President's Office stated.
The President's Office further noted that the proposed legislation will also define the principles for determining the ownership of resources extracted from the seabed.
"During this Cabinet session, it was also decided to draft a specialized bill to govern the licensing of exploration and extraction of non-living marine natural resources, establish ownership rights, and ensure the robust regulation and management of this industry," the statement read.
The President's Office added that legal and administrative efforts have already commenced to identify the economic potential of the country's maritime territory and to ensure these resources benefit the nation.
As neither the Maldivian state nor any local companies currently possess the technical capacity to extract gas and natural minerals, the work will necessitate the involvement of foreign corporations.
