Digging Deep

Sri Lanka’s first bidding round offering potential blocks in the Mannar Basin for oil exploration could kick off as early as October this year. Sri Lanka’s first bidding round offering potential blocks in the Mannar Basin for oil exploration could kick off as early as October this year.

“We plan to hold the road show before the end of this year, probably in October,” Acting Director General of the Petroleum Resources Development Secretariat, A. Jinadasa said Monday.

The country will offer eight to nine blocks in the Mannar Basin, off Sri Lanka’s West Coast, with a second round of seismic surveys being completed.

Sri Lanka held investor road shows in Dallas and London in April last year, attracting interest from small to medium scale oil firms.

Geological prospects for potential blocks as well as fiscal terms and conditions for potential investors were announced at the workshops

Norwegian based TGS Nopec carried out seismic surveys of a 4000 km stretch of seabed off the Western coast, showing evidence of hydrocarbon accumulations.

The early studies show that Sri Lanka could strike oil off Mannar in the Cauvery Basin, w