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| Thursday, 26 June 2003 |
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Colombo, June 24 (Lankapuvath) - Sri Lanka is to launch an exploration for oil and mineral with a hope of reducing its dependency on imported oil. Minister of Power and Energy Karu Jayasuriya said that the exploration is to be carried out in collaboration with Swedish and Norwegian consultancy firms. The exploration will be carried out in the territorial waters of Sri Lanka. The plan to explore oil and mineral is part of a government attempt to formulate a policy on mineral deposits. Sweden had been consulted as it became a prosperous nation after finding oil in the North Sea. The Swedish government, gave 20 per cent of the proceeds to the prospectors while keeping the rest. We want to implement a similar scheme in Sri Lanka, the Minister said. Meanwhile, the Government has also undertaken the exploration of new gem and mineral deposits in the Kegalle and Kandy districts. The Gem and Jewellery Research and Training Institute has been allocated Rs. 15 million for this purpose. The Marine Pollution Prevention Authority has called for expressions of interest for the exploration of offshore mineral deposits off Panadura and Bentota. A survey has revealed that deposits with an estimated value of over 330 million US dollars could be found in these areas. The United Nations revolving fund for mineral resource exploitation revealed that monazite, ilmenite, rutile and zircon were discovered during a recent survey. Scientists have estimated that there could be 170 million cubic metres of mineral deposits in the sea bed. The Marine Pollution Prevention Authority expects bids from foreign and local companies with experience in coastal and offshore exploration of mineral deposits. He said that it is necessary to obtain the assistance of foreign companies to carry out research on petroleum and oil deposits believed to exist in several parts of the sea bed around Sri Lanka. Two Norwegian and Swedish companies conducted explorations very recently which revealed evidence of underground petroleum and gas deposits in the Palk Straits, the Mannar sea and the Hambantota sea. Experiments should be carried out by ground excavations in order to allay any doubts. It is essential to obtain the assistance of foreign countries for this purpose as Sri Lanka does not possess the necessary technology and funds. A Petroleum Resource Development Committee is due to be appointed for this purpose, the Minister said. |
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