Sri Lanka’s first online investment application from UK oil services firm

Sept 19, 2013 (LBO) – Sri Lanka’s foreign investment agency said a UK based oil services firm had been the first to use its online investment application portal on September 18, within a day of its launch. Sri Lanka’s Board of Investment launched the web portal for investment applications on September 17, promising to make the initial application process faster.

The application came from a UK-based oil services firm looking to set up a regional headquarters in the Indian Ocean island, the BOI said without naming the company on confidentiality grounds.

Sri Lanka’s oil and gas sector is set to grow with one working petroleum system already being worked off-shore by Cairn India.

A second auction of off-shore blocks is to close on November 2013.

Several other blocks in the east and south waters of the country are on offer for joint studies, where the partner will be given first option to extract oil if petroleum is discovered.