Category: Petroleum
Govt calls for exploration bids in block M2, Mannar Basin
Jan 18, 2019 (LBO) – Sri Lanka’s government has called for international competitive bids for exploration and development activities in Block M2, Mannar Basin, the Petroleum Resources Development Secretariat said.The M2 Block covering approximately 3,500 km2, has two gas discoveries, Dorado 91H/1z and Barracuda 1 G/1 and a number of un-drilled prospects, it added.The bidders are expected […]
Fuel prices to be reduced fourth straight time from midnight
Jan 10, 2019 (LBO) – Sri Lanka’s government has decided to reduce the Petrol and Diesel prices by 2 rupees per liter each with effect from midnight today. However, the price of Super Diesel which is an environmentally friendly fuel was reduced by 3 rupees per liter as it complies with Euro -04 Emission Standard […]
Laugfs Gas to infuse Rs1.1bn for expansion of its LPG Transshipment Terminal
Dec 27, 2018 (LBO) – Laugfs Gas will infuse 1,150 million rupees for the expansion of its LPG Transshipment Terminal facility located at Hambantota International Port, the company said in a stock exchange filing. Under the expansion plan, the storage capacity of the terminal to be extended up to 45,000 MT from 30,000 MT supporting […]
Hayleys Energy commences first oil and gas drillship lay-up at Hambantota, Sri Lanka
Dec 17, 2018 (LBO) – Sri Lanka’s Hayleys Energy Services announced the arrival of the oil and gas drillship “Aban Abraham” for a warm lay-up to the Hambantota International Port. Aban Offshore Limited, the company that own the vessel, is India’s largest offshore drilling services provider to oil companies, providing drilling operations, production and exploratory work […]
Sri Lanka lubricant market share shifting: Report
Nov 21, 2018 (LBO) – Sri Lanka’s lubricant market dynamics are shifting with market share of Chevron and Indian Oil dipping, a new report shows. According to data from the Public Utilities Commission of Sri Lanka (PUCSL) in the second quarter of 2018 Laugfs and Exxon Mobil have shown gains in the market. The full report […]
Mahinda Rajapaksa says fuel price to be further reduced tonight
Nov 15, 2018 (LBO) – In a special statement in Parliament Mahinda Rajapaksa said fuel price will be further revised tonight. “It is only in Sri Lanka the fuel price goes up according to the formula when the world prices are going down,” he said. “This is why tonight the price will be reduced.” Speaking […]
Sri Lanka Finance Minister cuts fuel prices under new economic programme
Nov 01, 2018 (LBO) – Given the impact of fuel pricing on all strata of the society especially those engaged in transport, agriculture and fisheries sectors, prices of fuel have been reduced with effect from midnight today.Accordingly, Petrol (Octane 92) will be reduced by 10 rupees per litre, Auto Diesel by 7 rupees per litre […]
Mangala reveals fuel pricing formula
Oct 18, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Smaraweera reveled to media the recently introduced fuel price formula calculation method following repeated calls for it. “The Maximum Retail Price (MRP) of auto fuels has been established as follows MRP = V1 + V2 + V3 + V4,” he told reporters in Colombo a short while […]
Sri Lanka revises fuel prices: Diesel not increased
Oct 10, 2018 (LBO) – Sri Lanka’s government increased the prices of petrol and super diesel with effect from midnight Wednesday. Issuing a statement the Ministry of Finance said the price of 92 octane petrol will be increased by six rupees to 155 rupees a litre.95 octane petrol will go up by eight rupees to […]
ICJ orders US to ease Iran sanctions; India to continue purchasing crude oil from Iran
Oct 07, 2018 (LBO) – India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite US sanctions on Tehran to return early next month. In May, Trump pulled the US out of the Iran nuclear deal despite objection from the other […]
Fuel price formula will be useless if we reveal it: CBSL Senior Deputy Governor
Oct 05, 2018 (LBO) – Senior Deputy Governor of Sri Lanka’s Central Bank, Nandalal Weerasinghe says that the fuel price formula will be useless if everyone knows how to calculate the future prices of petroleum products under the new pricing mechanism.Speaking at a recent TV program, Weerasinghe emphasized that the fuel price formula is considered […]
Construction work of Sri Lanka’s first LNG power plant to begin next month
Sept 28, 2018 (LBO) – Construction work of Sri Lanka’s first liquified natural gas (LNG) fuelled power plant will be commenced in Hambantota next month. As per the Memorandum of Understanding signed between Sri Lanka and China, this will be a joint venture between the Chinese government and the Ceylon Electricity Board. This LNG power […]