Sri Lanka is set to call for fresh bids from expert international petroleum companies for petroleum exploration, development and production activities in the Kaveri Basin in Mannar.
The Cabinet of Ministers has accordingly approved the proposal presented by Minister of Petroleum Resources Arjuna Ranatunga to call for bids from international Petroleum Companies to explore, develop and produce petroleum in Mannar.
A natural gas field was found for the first time off the coast of Sri Lanka in the Mannar Basin after the previous government signed an agreement with Cairn India Limited, in 2008 to explore for oil and gas off the country’s north-western coast. Cairn later pulled out after oil prices took a plunge the world over.
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