Exploitation of offshore resources

As far as Sri Lanka’s Offshore Resources are concerned, the current problem that the CCI perceives is that we do not have a dedicated institutional infrastructure to manage it in the public interest.

This is essential, because all offshore resources are in the public domain and owned by the nation and not any individual group or business entity. This has always been so.

Land is defined in the legal domain as including the ocean bed/sea bed within the territorial jurisdiction of Sri Lanka.

It appears now that our economic survival will depend on our ability to exploit our offshore resources. In respect of most resources, this is not immediately possible as we have not, as a nation, dedicated enough financial, time or human resources for exploration, identification, or quantification of these resources.

An important basic in exploiting offshore resources is the credo that “no exploitation without exploration”. Therefore, it is time that we consider this matter as an urgent national priority.

At least in respect of two of the most urgently required resources, we are fortunate, that in the last decade or so, we have spent the absolutely essential minimal amounts, on exploration.

We refer to offshore oil exploration, and the exploration for locating near-shore resources of sand for construction.

However, we are lagging behind in setting up the necessary legal, institutional, human, and financial resources that are required. It is never too late to do so and it is essential that it is done, if the country is to derive the maximum benefit, from the exploitation of these resources.

Otherwise, we may end up deriving only marginal benefits, whereas, the major beneficiary will be foreign investors who will come in with ready money when the resources have been identified, located and quantified. There is a real danger of this happening.

The Chamber of Construction Industry as a conglomerate entity that represents national interest in the development of infrastructure, is also convinced that indigenous utilisation of these resources would be the most beneficial.

However, total dependence on indigenous financial, human and technological capabilities would be a very unrealistic at present.

Hence, it is essential that we focus and interest of all those who can contribute to this effort on the need to make informed and well judged decisions in respect of how we can move forward.

Short, medium and long-term, planning has to be put in place immediately and we have to ensure that all those with the required knowledge are mobilized, to launch this effort.

The human resources are very limited and we have a real need to mobilise the services of expatriate Sri Lankans who have the requisite technical, financial and managerial skills to take advantage of current technological innovations in this field.

Chamber of Construction Industry Colombo