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Wednesday October 20th, 2021
Energy

Sri Lanka splits oil blocks to fire demand, BellGeospace to give data

ECONOMYNEXT – Sri Lanka has split its oil offshore exploration blocks from an original 20 to 873 to make them smaller and make it cheaper for oil companies to prospect, Energy Minister Udaya Gammanpila said.

“When the block is large, it is very expensive for a single company to explore and it takes a long time,” Minister Gammanpila said.

“As result it discourages some investors. Therefore we have amalgamated the block and split then into 873 and made new exploration maps.”

He said the government engaged UK-based BellGeospace to conduct aerial survey to collect geophysical data help investors choose blocks.

“This is done at no cost to the government,” Gammanpila said. “The data belongs to the government. BellGeospace will sell the data for prospectors and recover their investment.

“They will also split profits with the government.”

A new Petroleum Development Authority was also being set up and the bill would be introduced to parliament next month.

BellGeospace is conducting a gravity and magnetic survey to get the data. (Colombo/Sept18/2021)

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