The Maldivian government has extended an invitation to the renowned Malaysian oil and gas giant, Petronas, to participate in exploration efforts for oil, gas, and minerals within the Maldives' territorial waters.
Announcing the development, Malaysian Prime Minister Anwar Ibrahim, who is currently on an official visit to the Maldives, assured that he would discuss the proposal with Petronas. He noted that such a venture would not be a difficult undertaking for a company like Petronas, which has a proven global track record in successfully discovering oil and mineral resources.
Highlighting the company's extensive capabilities, Prime Minister Anwar noted that Petronas has managed similar large-scale projects in diverse regions, ranging from Canada to Turkmenistan, Sudan, Brazil, and Peru. He expressed confidence that conducting exploratory research in the Maldives would be well within the company's expertise.
"I do not believe coming to the Maldives will be a major issue for them. Even if they do not find oil, they can at least enjoy a period of relaxation here," the Prime Minister remarked in a lighthearted tone.
The invitation comes after a Cabinet decision last month to draft a bill governing the exploration and extraction of oil, gas, and minerals within the Maldives' Exclusive Economic Zone (EEZ). The government stated that this legal framework will outline the procedures for issuing exploration licenses, determine the ownership of such resources, and establish regulatory and oversight mechanisms for the sector.
To further facilitate these efforts, the government has incorporated oil and mineral exploration into the list of eligible activities under the Special Economic Zone (SEZ) framework. To initiate such a project, a minimum investment of USD 100 million is required.
Similar exploratory research was previously conducted during the administration of former President Abdulla Yameen. In 2014, studies carried out by the University of Hamburg in Germany identified potential indicators of gas or liquid deposits beneath the Maldivian seabed. However, no further progress was reported following those initial findings.
The Maldives currently remains entirely dependent on imported fuel to meet its energy demands. The discovery of domestic oil reserves within its territory would represent a milestone in ensuring the nation's energy security.
