Oil Dollars

Sri Lanka will get Asian Development Bank help for its up-coming bidding round to auction off potential blocks off the Mannar coast, for oil exploration. Sri Lanka will get Asian Development Bank help for its up-coming bidding round to auction off potential blocks off the Mannar coast, for oil exploration. Sri Lanka has applied for a US$ 900,000 technical assistance grant from the ADB to lay the groundwork for the bidding round, which is on the verge of being finalised,

The bidding has been scheduled for the first or second quarter next year but has run into opposition from Ceypetco, which says the new study is a duplication of earlier work.

An earlier technical assistance project carried out in 2001, reviewed existing geological data, drew up draft petroleum legislation and included aid for an international road show.

“The main component of this new technical assistance is to conduct the bidding round, to prepare bid documents and evaluate interested offers. We don’t have that kind of expertise here,” Director General of the Petroleum Resources Development Secretariat, Titus Jayawardene said.

“There is no duplication. The final draft