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| Sunday, 23 October 2005 |
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Hopes rise over oil by Rashomi Silva This year's surveys in Gulf of Mannar for hydrocarbon resources has indicated similarities with Gulf of Mexico, Americas highest oil provider, increasing optimism among Sri Lankan authorities in finding petroleum resources here. Acting Director General of Petroleum Resource Development Secretariat (PRDS) M.A. Wijayanada said, the similarities were identified by TSG NOPEC a Norwegian company, an expert in the field which carried out studies. "Chances of finding oil in Gulf of Mannar remains high," he said. "We are hoping to invite bidders for exploration shortly following the completion of Technical Report of phase two, which was completed recently". "Tenders will be called on a product sharing basis," Wijayanada said. "If we are successful in finding oil or gases and able to convince investors to come here for explorations that would dramatically reduce the country's total dependence on crude oil exports", he added. Explaining present activities of oil exploration he said an Asian Development Bank aided project was in the process of reviewing the New Petroleum Resources Act. "We are trying to in-corporate some laws on international waters and maritime regions. We have to have a perfect Act before stepping into any actual explorations, " he said. "They are also working out a module for a Production Sharing Agreement (PSA) and to organise a promotional workshop in Colombo. However, in the past, overseas explorations were offshore Sri Lanka in the Palk Strait between mid-70s and mid 80s. They failed to yield any oil or gas reserves. Deep water areas like Mannar Basin were left unexplored due to the infancy stage of drilling technology at that stage. |
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