Friday, March 16, 2012

Sri Lanka to call for bids for several oil blocks

Sri Lanka government has decided to call bids for several identified petroleum deposits in Mannar and Kaveri Basins of Indian Ocean, says the Director General of Petroleum Resources Development Secretariat.

The official said that the government expected an investment of US dollars two billion from this investment.

When the radio journalist asked about the share Sri Lanka will receive from the excavated product, the official said calculating and deciding it was extremely difficult and he could not answer it.

Speaking to a local radio, the official further said that the government had identified 10 petroleum deposits in Mannar Basin and five deposits in Kaveri Basin.

He added that the Cairn Company of India is in the final stage of mining in its 3000 square kilometer block. Share this article

However, it is still to be verified the commercial viability of these oil deposits.

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