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Exploring oil, gas in Mannar Basin only way to get rid of foreign debts: Gammanpila

15 September 2021 06:56 pm - 18     - {{hitsCtrl.values.hits}}

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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)

  Comments - 18

  • Chandana Walgama Wednesday, 15 September 2021 07:32 PM

    It is only good for you bloody politicians. The debt will build up no matter what!

    Curious Wednesday, 15 September 2021 08:46 PM

    Spot on. If we discover oil. The politicos will become filthy rich. Accumulation of debt will continue and the masses will continue to be exploited on the lines of race religion and ethnicity.

    Nimal Wednesday, 15 September 2021 07:33 PM

    Dig a well. Put a bottle of engine oil into it as we did once in the past, Take some pictures and publish. All the deshapremis will surely vote for you.

    S.H.Moulana Wednesday, 15 September 2021 11:36 PM

    What happened to the oil Sirimavo found? Now Gamanpila! It will fade off after hitting few headlines..........

    N SENA Thursday, 16 September 2021 09:13 AM

    THIS MAN GAMMANPILA LIKES TO BE IN THE NEWS FREQUENTLY.

    roni Thursday, 16 September 2021 09:34 AM

    Repeat of joke of years gone by, when the then PM made a hue and cry in the beginning of an year, as if these deposits could be extracted the next day. This is to give hope when all hope and aspirations of the people in this Govt is lost.

    Terrance Fernandez Thursday, 16 September 2021 09:47 AM

    Gamampilla knows only to rob

    Kathir Thursday, 16 September 2021 09:47 AM

    There is nothing in this barren land.It is only a day time dream on empty underground.

    Anura Jayantha Thursday, 16 September 2021 09:49 AM

    During previous Rajapaksha regime Mr Rajapaksha said oil was found..he proudly declared. What happened then? Continue to fool us?

    R. Somasunderam Thursday, 16 September 2021 09:50 AM

    Hon. Gamampilla is aiming for a huge Commission, nothing else.

    Siril Banda Thursday, 16 September 2021 10:01 AM

    You are a brilliant man UDAYA. What is your education level? However, you should be the NEXT PM of Siri Langa!

    Sanje Thursday, 16 September 2021 10:14 AM

    Normally this crap appears closer to a election

    Sunil Thursday, 16 September 2021 10:16 AM

    This will certainly aggravate the situation rather than improving it.

    mnsmart Thursday, 16 September 2021 10:18 AM

    Try to export Kasippu, it would be a better option

    Lawry Thursday, 16 September 2021 10:18 AM

    They knew this. So they built a harbour and an airport in the deep south. Now building a road to transport crude oil.

    Anura Nanayakkara Thursday, 16 September 2021 10:21 AM

    This minister most of the times misleading everyone in Sri Lanka, just to attract attention to him and his ministry as the most important out of all. He does not know the difference between Coconut oil and Crude oil.!!

    mnusha Thursday, 16 September 2021 10:44 AM

    Another drama begin Episode 1

    peter Thursday, 16 September 2021 12:19 PM

    give it to the Chinese to extract


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