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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka to complete awarding of more oil blocks by June 2013

Sri Lanka to complete awarding of more oil blocks by June 2013

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

By: Prasanna C. Rodrigo
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.

Sri Lanka’s latest licensing round will see road shows being held in places like Singapore, London and Houston.

However, Wickramasuriya said the main event will be organized in Sri Lanka aiming to showcase the country to potential investors.

Petroluem Resources Development Secretariat is currently in the process of finalizing a consultant to assist it to successfully conduct the “2012 offshore Petroleum Exploration Licensing Round”.

“The tasks of the consultant include updating the current model petroleum resource agreement, reviewing and revising the economic model and fiscal regime and promoting and marketing the license round”.

According to Wickramasuriya the new consultant would be finalized by the end of this month.
www.news360.lk

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