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Oil deposits: Bidding to open in July

COLOMBO: The Government has decided to open oil exploration along Sri Lanka's sea belt for bidding in July this year.

Transport and Petroleum Resources Development Minister A.H.M. Fowzie told the Daily News that local and foreign investors will be six months to bid for the venture.

"We have made arrangements to commence the bidding in June-July. It will be open until end December. We will evaluate the bids in January 2007 and announce the successful bidder by March," he said.

Exploration activities are scheduled to commence in August 2007. The Minister said the bay of Mannar has been identified for the first phase of exploration.

"We have also decided to conduct seismic surveys in the coastal belt along the Kaveri and Hambantota areas. I have directed officials to call tenders for this," he said.

According to the Minister, the management and overseeing of oil exploration will be vested in two Government owned companies. In view of the bidding set to commence in July, the Petroleum Resources Development Ministry has launched special advertising programmes to attract internationally reputed firms to take up the exploration of oil deposits.

Accordingly, business communities in leading oil trading countries like Iran and the United Arab Emirates have already been made aware of the opportunity.

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