The Ceylon Petroleum Development Authority today officially launched this year’s oil exploration license round for the Mannar Basin, at a ceremony held at the head office of the Ceylon Petroleum Corporation (CPC).
The event was presided over by Minister of Power and Aviation Anura Karunathilake and Minister of Labour and Deputy Minister of Finance Anil Jayantha Fernando.
Under the program, four exploration blocks covering approximately 34,000 square kilometers in the Mannar Basin will be awarded to international energy companies.
Officials noted that earlier exploration confirmed the presence of petroleum and natural gas, with discoveries of natural gas and condensate.
Director General Neel de Silva said international firms will now have the opportunity to conduct surveys using modern geological techniques and advanced technology, while also accessing existing geological data held by the Authority.
Current estimates suggest the basin could yield 2 billion barrels of petroleum and 9 trillion cubic feet of gas through drilling. (Newswire)