Fisheries Minister Dr.Shainee have said that the government will resume the work of oil exploration in Maldives later this year or in early 2018.
Dr.Shainee said that the government did various works related to oil exploration in Maldives. He said that they brought experts from abroad to conduct research regarding the matter. He said that the government has halted the project for now because at the moment it is not possible to generate profit from oil based on the price of oil in world markets. He said that the oil market is too weak to make new investments in the sector.
He also said that the researches prove the existence of hydro carbons in Maldivian oceans. Dr.Shainee said that they halted the work after consulting various experts from the field. He said that in the second stage they will conduct researches to see how much oil is there and the type of hydrocarbons in Maldivian oceans. In addition he said that in the second stage, they will research to see whether it will be sustainable to extract oil for commercial purposes.
Will start the work of oil exploration later this year or early 2018 : Dr.Shainee
