Sri Lankan government to look at expediting activities related to exploration and production of petroleum
The Cabinet of Minister in Sri Lanka has reportedly called for an action plan aimed at expediting the activities related to the exploration and production of petroleum in the country.
A statement issued recently on Cabinet decisions has stated that it has been planned to enter in to agreements with selected companies to explore the petroleum in the Eastern Coastal area and shallow sea areas.
“Attention also will be drawn in to the exploration of petroleum in land area near the coast,” the statement has further noted.
Local media reports state that the proposal to the Cabinet of Ministers was put forward by Minister of Petroleum Resources Development Arjuna Ranatunga.
OSL take:
The government of Sri Lanka is keen on moving forward with the oil exploration work in the coastal area around the island. Therefore, foreign businesses/investors interested in playing a role in Sri Lanka’s oil exploration work and eventually in the manufacturing of petroleum, could look at the opportunities available in the field. Such companies could also introduce to the government latest technologies in the oil exploration sector.
| Article Code : | VBS/AT/19042018/Z_3 |