Lanka to complete awarding of more oil blocks

Sri Lanka says, it is planning to complete the awarding of more oil blocks to potential explorers by June 2013, while the licensing round towards this is expected to start in November or December this year.

“We want to close the bids by end Q1 and award the blocks by June 2013,” Director General of Sri Lanka's Petroleum Resources Development Secretariat Saliya Wickramasuriya told News360.lk

According to him, the plan is to offer between 8 to 10 offshore oil blocks for potential investors.

“Out of the 14 blocks available, we are planning to public auction between 8 and 10 blocks,” added Wickramasuriya.

Sri Lanka has around 10 blocks in the Mannar basin while another five blocks are available on the Cauvery basin.

Out of the total 15, one block is already given to India's Cairn which is currently engaged in exploring gas and oil.

(News360.lk)