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Sunday, 05 June 2016

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Int'l players show interest

A number of international players have expressed interest in oil exploration in the Mannar basin.

The government will expedite the matter and venture into oil exploration after carefully assessing the proposals, Minister of Petroleum Resources Development, Chandima Weerakkody told Business Observer.

"We are keen to expedite the process and are ready to launch drilling operations after everything is finalized. This will help make Sri Lanka an energy self-sufficient nation by 2030," he said.

He said fuel consumption in the country has increased due to the rapid development taking place at present.

A national policy on petroleum resources is being drafted and the Petroleum Resources Development Act is expected to meet international standards taking the local industry to the next level, he said.

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