15 September 2021 06:56 pm
Exploring and discovering oil and gas resources in the Mannar Basin in Sri Lanka is the only way to get rid of the US$47 billion in foreign debt currently affected by the government and other institutions in the country, Power Minister Udaya Gammanpila said.
While holding a media briefing at the Katunayake Airport Special Guest Lounge this evening, he said "It has been identified that there are 2,000 million barrels of crude oil in the Barakuda area, which is currently known as the M-2 in the Mannar Basin in Sri Lanka. Its value is US$ 150 billion, and it has also been discovered that there is 9 trillion cubic feet of gas in this basin valued at US$17 billion, "he said.
We can earn US$167 billion from these petroleum and gas sales, which will save another US$133.5 billion when our country's total foreign debt is repaid, Minister Gammanpila said.
Accordingly, the exploration of oil and gas deposits in Sri Lanka has reached an important juncture. The Petroleum Development Authority will be set up for this purpose after the Petroleum Development Act is passed in Parliament next month, the Minister said.
He further said that he is hoping to invite companies in petroleum resource to invest in the exploration and extraction of petroleum and gas in Sri Lanka.
"Bell Geospace, the world renowned geophysical exploration company for oil and gas exploration in the Mannar and Cauvery basins, has also brought in its exploration aircraft and is currently in the process of gathering data for investors. Sri Lanka will not spend any money on this survey. The company sells the data to investors and returns part of the profits to Sri Lanka, "the Minister said.
He said that as there are no Sri Lankan businessmen to explore for oil and gas in Sri Lanka, he is expecting to visit the United Arab Emirates, Iran, India, Abu Dhabi and the United States in the next few months in search of such investors. (T.K.G. Kapila)