Oil Opportunity

Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services and communications systems installation and supply, clearing and forwarding, and air logistics.

Saliya Wickramasuriya, the island’s Director General of Petroleum Resources Development, said a recent tender by Cairn India for provision of equipment and services for its deepwater drilling campaign in the Gulf of Mannar offered many business opportunities.

“At least 30 percent of this can conceivably provided within Sri Lanka with the right partnerships,” he said.

“Properly positioned Sri Lankan businesses can participate,” Wickramasuriya told a forum on new business opportunities arising out of oil exploration in Sri Lanka held by the National Chamber of Commerce.

“We are talking tens, perhaps hundreds, of millions of dollars (worth of business).”

However, interested companies would have to do their own ‘homework’ and invest in acquiring the resources