In a bid to strike oil:

Cairn Lanka commences seismic survey

Cairn Lanka Private Limited, a wholly owned subsidiary of Cairn India, commenced its 3D seismic survey in the Mannar Basin in Sri Lanka.

ADB Country Director Richard vokes exchanging the agreement with CEO, NDB Bank Eran Wickremaratne. Pic: Sudath Nishantha

The program will fulfil the commitment of 1450 km2 of 3D seismic data acquisition and will be acquired by CGG Veritas AS using the seismic vessel “SR/V Viking II”.

Completion of the data acquisition is expected by Q1 2010 with data processing scheduled to be completed by mid 2010. Drilling, based on the interpreted data subject to regulatory approvals is expected to commence in H1 2011.

Indrajit Banerjee, Director, Cairn Lanka said “Cairn is delighted to commence this phase of the exploration program, the first 3D seismic acquisition program in Sri Lanka. When exploring a frontier area such as the Mannar Basin and we are encouraged by the studies we have conducted to date.”

We bought the data of the Sri Lanka government and have also studied it.

Minister of Petroleum A.H.M. Fowzie said that very soon the government will call tenders for the seven remaining blocks as well.

He said that the government has opened a website to invite more companies to bid for the remaining blocks.

He said that Cairn Lanka will invest over US$ 100 mn for the process which includes seismic surveys as well as all other costs.