Oil Plans

Feb 18, 2013 (LBO) – Sri Lanka is planning to offer up to 11 off-shore oil blocks on production sharing deals in a bidding round that will close around September and others where less data is available for joint study, a media report said. Sri Lanka is to open a second bidding round in March 2012 which will be kept open until September for up to 11 off-shore oil exploration blocks, with a road show kicking off in Houston USA.

Investor meetings will also be held in London and Singapore, with IHS, a petroleum consultancy. It will be followed up a month later with a conference in Colombo.

Sri Lanka’s Daily Mirror newspaper quoted Saliya Wickramasuriya, head of the island’s petroleum resources development secretariat as saying that further blocks may also be offered for joint study, outside the bidding process.

The blocks that are to be offered on production sharing agreements are on Sri Lanka’s Mannar basin, to the east and northeast of the island.

A further five blocks are located around the northern tip of the island, in the Cauvery Basin, in a strip of sea separating the island from India, where oil has already been found on the Indian side.

The production sharing agreement in deeper waters will have more