Sri Lanka reveals oil and gas deposits in Mannar Basin worth US$ 267 billion
Sri Lanka’s Energy Minister Udaya Gammanpila has revealed that there are oil and gas resources worth US$ 267 billion in the Mannar Basin. The Minister has said the resources yet to be explored could generate three times Sri Lanka’s total debt.
The Minister made this revelation at the meeting of the Consultative Committee on Energy that met in parliament this week.
According to the Minister, despite 50% of the earnings being taken by the investors in lieu of their investment, the government would still be left with US$ 133.5 million.
Gammanpila has made these remarks while briefing the Committee and parliamentarians on the Petroleum Resources Bill to be tabled in Parliament for the second reading.
The Bill seeks to regulate and manage the exploration of petroleum resources, including the establishment of the Petroleum Development Authority of Sri Lanka.
OSL take:
Sri Lanka’s energy sector is fast becoming a business/investment opportunity in the country. The government of Sri Lanka is in the process of introducing new laws to woo foreign businesses/investors to invest in the country’s energy sector. The exploration of oil and gas deposits in the Mannar Basin is also part of the programme to develop and promote Sri Lanka’s energy industry. With Sri Lanka’s ongoing economic expansion assisted by the country’s geographical positioning in the Indian ocean, the trade agreements and concessions enjoyed by the country, foreign businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka’s energy sector.
| Article Code : | VBS/AT/10092021/Z_4 |