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| Sunday, 29 August 2004 |
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Hunt for black gold by Anton Nonis The government has decided to give highest national priority in its search for oil in the Gulf of Mannar, following the daily escalating price of petroleum products in the International Market, according to Director General of Petroleum Exploration, Titus Jayawardena. He said, the seismic surveys planned for 2005, has been advanced to early December. They will be conducted by a Norwegian company. The region of explorations would extend from Mannar upto Galle and has been subdivided into nine blocks. A data package would then be prepared, based on the surveys. The data package will be made available for sale for the companies bidding for the blocks. At least nine foreign firms are expected to bid for the blocks. One company has the option to bid for more than one block. The bidders will study the data package and submit their proposals to the Petroleum Exploration Secretariat (PES), for selection. PES would then evaluate the proposals and results conveyed to each bidder. The drilling of a test well is said to cost around US $ 15 million. Entire oil exploration exercise will not cost Sri Lanka any money, he said. |
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