Mannar Basin oil exploration round opens for global investors

The Ceylon Petroleum Development Authority (CPDA) on Tuesday (25) launched this year’s oil exploration licence round for the Mannar Basin at a ceremony held at the headquarters of the Ceylon Petroleum Corporation (CPC).

The event was presided over by Power and Aviation Minister Anura Karunathilake and Labour Minister and Deputy Finance Minister Anil Jayantha Fernando.

Under the programme, four exploration blocks covering approximately 34,000 square kilometres in the Mannar Basin will be offered to international energy companies.

Officials said previous exploration activities had confirmed the presence of petroleum and natural gas in the basin, including discoveries of natural gas and condensate.

CPDA Director General Neel de Silva said international companies would have the opportunity to conduct exploration surveys using modern geological techniques and advanced technologies, while gaining access to existing geological data held by the Authority.

Current estimates indicate that the Mannar Basin could contain up to two billion barrels of petroleum and nine trillion cubic feet of natural gas recoverable through drilling.

The latest licensing round is expected to attract international investment and further advance exploration of Sri Lanka’s offshore petroleum resources.