Search for oil on hold due to changes at the oil market

Fisheries Minister, Dr. Mohamed Shainee has said that the government’s project searching for oil in the Maldives has slowed down to the changes at the global oil market.

Talking on Sun TV’s “50 Minute” program last Tuesday, Dr. Shainee said that the price of oil in the global market is very low these days and the government is considering if this is the best time to go for a licensing.

Minister Dr. Shainee said that the efforts so far has confirmed that the Maldives does have Hydrocarbon and it is very clear now.

The research done by Germany’s Hamburg University shows that corals and other indications of presence of oil is present in the Maldives.

Dr. Shainee has previously said that the Ecological Surveys by Germany shows that “fluid or gas” is rising from the bottom of the ocean in the Maldivian territory.And he said that it is almost certain that the Maldives has oil.