US Bell Geospace Ltd awarded contract by Sri Lankan government to explore offshore oil and gas deposits
The government of Sri Lanka has reportedly awarded U.S. firm Bell Geospace Ltd. a contract to explore for offshore oil and gas deposits using gravity and magnetic techniques.
Magnetic techniques enable faster detection of deposits and give more precise locations for drilling, reports state.
The Government Information Department has stated that the Cabinet of Ministers has approved the contract after considering a proposal presented by Sri Lanka’s Minister of Highways, Road Development and Petroleum Resources, Kabir Hashim.
According to reports, the contract for gravity, gravity sequential, and magnetic surveys will cover the Mannar Basin off the west coast and Cauvery Basin off the northern peninsula.
Bell Geospace is an international firm known for using the technique which exploits magnetic anomalies in the Earth’s magnetic field to search for petroleum and mineral deposits below the surface.
The sensor technique is reportedly more powerful than traditional methods and provides more detailed views of subsurface features and helps speed up decisions about exploration.
OSL take:
The Sri Lankan government has expressed its desire to expedite work related to the exploration of oil and natural gas in the seas of the Northern and Western coasts of the country. The government has already awarded several blocks in the Mannar Basin to foreign companies for exploration work. US Bell Geospace is yet another company that is engage in oil and natural gas exploration work in Sri Lanka. Sri Lanka’s oil exploration programme is a great investment opportunity for foreign companies engage in the oil business.
| Article Code : | VBS/AT/18022019/Z_1 |