Bids were invited from international investors yesterday (25) for four deep-sea blocks of nearly 34,000 square kilometers, officially launching the historic ‘2026 licensing round’ for oil and natural gas exploration in the Mannar Basin, which has been under discussion for decades.
The Ministry of Energy states that this program will be implemented with full transparency under a modern regulatory framework, based on the scientific assessment that there are huge resources of 2 billion barrels of oil and 9 trillion cubic feet of natural gas in the Mannar Basin.
Participating in the opening of the bidding, Energy Minister Anura Karunathilake stated that these plots located in the deep sea areas ranging from 100 to 3,000 meters present a great opportunity for international investors.
This will enable Sri Lanka to save foreign exchange spent on oil imports and earn foreign exchange income through excess production. This process is being carried out under the control of the Petroleum Development Authority of Sri Lanka in accordance with the Petroleum Resources Act.