Sri Lanka to offer offshore blocks for oil exploration by mid 2006

Apr 12, 2005 02:00 AM

Sri Lanka plans to offer offshore blocks for oil exploration by the middle of 2006 if a study being carried out by a Norwegian company proves positive.
Norway's TGS-NOPEC Geophysical is likely to submit its report by June.

Saliya Wickremasooriya, the chairman of the Board of Investment, said that the country must make serious efforts to explore oil reserves if it wants to maintain economic growth.
The Sri Lankan government has been keen on pushing ahead with its oil exploration plans to reduce its dependence on crude oil imports.

The Norwegian company conducted an initial survey in 2001 off Sri Lanka's north-western coast to assess offshore oil prospects, and the results showed evidence of small reserves.
The current survey covers about 4,000 sq km (1,600 square miles) off Sri Lanka's northwest coast.

Source: Rogers Media Inc.
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