Minister: Oil exploration assessments have given positive signals

Minister of Fisheries and Agriculture Dr Mohamed Shainee has said that the initial assessments in the search for oil in the Maldivian territory, have given positive signals.

The minister made this remark at a press conference organised by the Economic Council, held at the President’s Office this morning.

He said that the detail report of the assessments will be received in the first quarter of 2015.

“The initial assessments have shown progress, or given signals that ‘make us smile’ or ‘make us happy’,” said Shainee.

When asked by Sun Online about the likelihood of finding oil in Maldives, Shainee said, “It is very likely. ‘Source rocks’ have already been found. This means that there is no reason anymore, to say that there is no oil or hydrocarbon in the Maldives.”

He added that exploring the full region covered by water would be a high cost for the government, and efforts are ongoing to focus on ‘important areas’.

Shainee said that during a recent visit to Europe, companies from two countries expressed interest in undertaking oil exploration projects in the Maldives.