Sri Lanka seeks investors for offshore oil and gas after decade-long hiatus

Sri Lanka is seeking international investors to explore and develop its offshore oil and gas resources, more than a decade after a previous attempt by an Indian firm failed due to high costs. The government has announced tenders for four offshore blocks covering around 34,000 square kilometres in the Indian Ocean, with an interest in the Mannar basin reignited by previous gas discoveries through Cairn India's drilling efforts.

Energy Minister Anura Karunathilaka stated that the government is committed to ensuring the exploration and development of these resources in a responsible and transparent manner, with the aim of creating long-term value. Prospective bidders will have access to detailed geological and geophysical data, and Sri Lanka estimates its gas deposits at about nine trillion cubic feet and oil at two billion barrels.

Brief written by urgent.news from Malay Mail's own syndicated text. Machine-written — may contain errors; check the original before relying on it.