ECONOMYNEXT – Sri Lanka will call for fresh bids for offshore oil and gas exploration in May, Minister of Petroleum Resources Development Arjuna Ranatunga said.
The government is making final preparations for the call for bids with Cabinet approval expected shortly, he told Economynext.com.
Fresh bids are likely to be called in the first week of May, he said.
The island’s Petroleum Resources Development Secretariat, the national regulatory authority administering petroleum upstream operations, had said the third bid round will be in the first quarter of 2018.
It will concentrate on both exploration and development of existing discoveries such as the gas discovery in the Mannar Basin by Cairn India.
The government aims to award a number of blocks in both the Mannar and Cauvery basins, which have drawn investor interest as prospective blocks, the PRDS said.
(COLOMBO, March 26, 2018)