The Maldives National Oil Company ltd (MNOC) was incorporated by the Government of the Republic of Maldives to complement the Government's effort to diversify the national economy and thereby generate employment and foreign income through oil and gas exploration and production in the territory of the Maldives and abroad.
MNOC is directly responsible for the development of oil and gas industry processes in the Maldives and overseas. This responsibility encompasses exploration and drilling for oil, natural gas, hydrocarbons and related minerals. MNOC is also entrusted to oversee the production, refining and transport of the aforementioned substances and any of their derivatives or by-products.
The principal activities of the company includes making necessary preparations such as seismic survey agreements with foreign oil and gas exploration companies to commence the third round of oil and gas exploration in the Maldives. The company in the oil and gas sector by sponsoring Maldivians to study and gain experience in the oil and gas industry abroad.
MNOC is also involved in the sourcing of crude oil from crude oil producing countries, for the purpose of refining and processing at the Ceylon Petroleum Corporation (Ceypetco) refinery center in the world. The crude oil refining and processing agreement between MNOC and Ceypetco was negotiated in the year 2003. According to the agreement, the refined petroleum products will be used for consumption in the Maldives.