The Government of Maldives has announced its decision to establish a specialized legal framework for the exploration and extraction of oil, gas, minerals, and other non-living natural resources within the nation’s territorial waters.

This strategic move was finalized during a Cabinet meeting held yesterday, where the administration underscored the importance of harnessing the economic potential of the country’s maritime territory. The President’s Office stated that the Cabinet has directed the Ministry of Fisheries and other relevant authorities to initiate all necessary administrative and technical preparations.

In addition to resource exploration, the government plans to draft a comprehensive bill that will govern the issuance of licenses, determine ownership of extracted resources, and provide a regulatory structure for the industry. This initiative is expected to pave the way for identifying the nation’s subsea wealth and ensuring its benefits contribute to national development.