Enough petroleum resources in Mannar to settle country’s foreign debt – Gammanpila

Sep 16, 2021 02:04 pm    Views: 6226

Enough petroleum resources in Mannar to settle country’s foreign debt – Gammanpila

Minister of Energy Udaya Gammanpila says that Sri Lanka has enough petroleum resources in Mannar to sort out the country’s USD 47 billion debt many times over.

Addressing an official media briefing to announce the first airborne survey in Sri Lanka to map oil and gas resources at the Mannar Basin, the minister said the country is set to earn valuable foreign exchange by selling the data obtained from the survey.

The Ministry of Energy in collaboration with UK-based geographical survey company Bell Geospace recently launched an airborne gravity, gravity gradiometry and magnetic survey to detect petroleum resources in the shallow waters of the Mannar Basin.

The survey is said to be first of its kind conducted in Sri Lanka.

“We had only 20 exploration blocks in our exploration map for a long time. Investors had to spend a lot of money to complete exploration of a block. This had an adverse impact on attraction of investors to oil exploration in Sri Lanka. Therefore, we decided to amalgamate those 20 blocks and redivide into 873 smaller blocks.”

The Bell Geospace, a world-renowned geological surveying company, is collecting relevant information for Sri Lanka by conducting a gravity and magnetic survey, he added.

The energy minister pointed out that the Sri Lankan government will not have to spend any money on this project, as the entire cost of the survey is borne by the company.

According to him, the survey is being conducted by the company on a profit share basis with the government.

Minister Gammanpila outlined the estimation of the oil and gas reserves the Mannar Basin may hold, putting it at around USD 260 billion, enough to pay Sri Lanka’s external debt many times over.

“We have identified 2 billion barrels of oil only in Mannar. If we calculate it at USD 75 a barrel, it amounts to USD 150 billion. There are 9 trillion cubic meters of gas. If one cubic meter is calculated at USD 13 cents, we will receive USD 117 billion. This totals to USD 267 billion. If we share 50 per cent of this figure with the exploration companies, we will earn USD 133.5 billion through oil and gas. As you know, the government debt adds up to a total of USD 47 billion,” the minister explained, pointing out that this earning is more than enough to settle the country’s foreign debt burden.

Speaking further, he said the Petroleum Development Authority is set to be established for this purpose once the Petroleum Development Act is passed in the Parliament next month. The minister then expects to invite leading companies in petroleum resources to invest in petroleum exploration and production in Sri Lanka.

English News

Presidential Task Force for Green Agriculture appointed

This was announced in a Gazette Extraordinary published by the Secretary to the President, P.B. Jayasundera on Friday

Views: 3    Oct 16, 2021     

Sri Lanka records 21 more COVID-related fatalities

The total number of people, who died of COVID-19 infection in Sri Lanka, moved up as 21 more fatalities were confirmed by

Views: 9    Oct 14, 2021     

Daily count of new Covid-19 cases moves to 673

The Health Ministry reported that another 146 persons have tested positive for Covid-19 today, increasing the daily count of new cases to 673.

Views: 12    Oct 14, 2021     

Rishad Bathiudeen granted bail

MP Rishad Bathiudeen, who was in remand custody after being arrested under the Prevention of Terrorism Act (PTA), has

Views: 9    Oct 14, 2021     


Yohani makes Salman Khan sing Manike Mage Hithe

While Bigg Boss 15 host Salman Khan scolds unruly contestants during the Weekend Ka Vaar episode, he keeps the mood light

Views: 38    Oct 11, 2021     

Sri Lanka’s Ruwanthi wins Taiwan Fashion Design Award 2021

Sri Lankan designer Ruwanthi Pavithra Gajadeera has won the first prize at the “Taiwan Fashion Design Award 2021” (TFDA),

Views: 50    Oct 09, 2021     

Bolywod News

New music on the way

The ‘Overload’ girl group have just released the 20th-anniversary edition of their fan-favourite debut album, ‘One Touch’, featuring

Views: 30    Oct 09, 2021     

Stellar action

Phillip Noyce’s ‘Salt’ sees woman of action Angelina Jolie in her usual avatar, the action-packed characters she is so good at playing

Views: 36    Oct 09, 2021     


Yohani sings her way to Bollywood

Young Artist Yohani De Silva, who grabbed the international audience with her cover song “Manike Mage Hithe” with over 129

Sep 30, 2021     

All for love and peace

Being Born into a musical family, our guest on today’s T’nC was obviously tempted to pursue with her music career, with a gifted

Sep 22, 2021     

Getting into superhero shape

After a long wait, The Marvel Cinematic Universe is in full swing. Both Black Widow and Shang-Chi have arrived in theaters

Sep 11, 2021     

K-POP stars Sri Lanka

Under the category of best K-POP Dance Performance, Island Stompers, Lachimolala, Riya Pathirana and Mandira Hippola

Sep 09, 2021     

Wearing less makeup for ‘Cinderella’ was scary

Singer Camila Cabello says she found it “scary” wearing a lot less makeup for her titular role in the new ‘Cinderella’.

Sep 09, 2021     

Jacqueline Fernandez questioned as witness in Indian money laundering case

India’s Enforcement Directorate on Monday recorded the witness statement of Bollywood actress Jacqueline Fernandez in

Sep 05, 2021     

Rolling Stones drummer Charlie Watts dies at age 80

Rolling Stones drummer Charlie Watts, widely regarded as one of the coolest men in rock, a jazz enthusiast and a snappy dresser,

Aug 26, 2021     

New programmes on Rupavahini

Rupavahini, the national channel, has introduced some new programmes to its line up as well as revamped some of its old programmes to keep their

Aug 11, 2021     

Talking of the Music of the World

On today’s T&C we meet Anthony Muthurajah, an exceptional character who seems to lead a very vibrant lifestyle as a musician

Aug 11, 2021     

Immortal mortals

A musical show titled Nomiyena Minisun – Jothimath Sandawa to mark the 34th Death Anniversary of veteran playback

Aug 06, 2021