Tenders in six months for oil exploration

Rajmi Manatunga

COLOMBO: The Government will call for local and international tenders for exploring oil along Sri Lanka's sea belt in another six months, Petroleum and Petroleum Resources Minister A.H.M. Fowzie said.

The Minister said that a discussion will be held next week with the participation of all stakeholders and interested parties to determine the process that should be followed in exploring the oil deposits which have been detected beneath the country's north western and southern territorial seas.

"We will invite all interested groups including political parties, the SEMA and NARA to this discussion and let them express their views as to how the oil resources could be exploited in the best interests of the country. I will present my own proposal to them which will be open for their comments, criticism and suggestions," he said.

Eight blocks along the island's sea belt including Mannar have already been earmarked for oil exploration, out of which two are to be given to India and China for carrying out exploration activities.

According to Fowzie, the Government is yet to decide whether tenders should be called together or separately for exploring the six remaining blocks.

"If we could successfully exploit these resources and put them into good use, it would save us a lot of foreign exchange and also ensure the development of Sri Lanka's economy," he added.