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Resources Development legislation to facilitate oil exploration

by Rashomi Silva

The 'Resources Development Act' that will facilitate oil exploration in Sri Lanka is to be forwarded to Parliament within the next couple of months, Karu Jayasuriya, Minister of Power and Energy told the Daily News yesterday.

This Act will enable foreign countries to carry on detailed surveys and to invest here for Petroleum resources exploration, the Minister said.

Several neighbouring countries have expressed a willingness to assist us in this venture, Minister Jayasuriya said.

Meanwhile Prof. K.K.S. Perera, Secretary to the Power and Energy Ministry said the exploration will be done on the oil sharing basis. "We do not have resources or the technology needed for the industry. Once the Bill is passed in Parliament we will call tenders from the prospective candidates to forward their bids".

The Minister assured that transparency will be ensured in every deal.

Several reputed Australian firms have undertaken surveys in Sri Lankan territory and in costal waters. And the surveys proved to be promising, a senior Petroleum corporation official said.

According to T.S.G. Norpack a major oil firm in Australia, the geo-physical structure of the Gulf of Mannar is encouraging and they are waiting till the Bill is passed in Parliament to carry out further studies in Sri Lanka, the official added.

The Asian Development Bank had provided financial assistance for another leading Australian company for initial exploration surveys in North West and North-East. 

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