World · Sri Lanka Bureau
Sri Lanka set to launch offshore oil and gas exploration licensing
The government is moving ahead with a new licensing round following the discovery of significant natural gas reserves in the deepwater Mannar basin. The finds have reignited interest in Sri Lanka's hydrocarbon potential.
LSN Sri Lanka ·
Sri Lanka is preparing to launch a fresh licensing programme for oil and gas exploration in its offshore waters, capitalising on recent discoveries that have demonstrated the commercial viability of the nation's hydrocarbon resources.
Two deepwater wells in the Mannar basin have yielded substantial natural gas accumulations, marking a significant development in the country's energy exploration efforts. These findings have strengthened the case for unlocking additional petroleum resources in Sri Lankan waters.
The licensing initiative is expected to attract international energy companies to bid for exploration rights in designated offshore blocks. The move reflects the government's strategy to diversify energy sources and reduce dependence on imports, while generating revenue through exploration and production activities.
The Mannar basin, located off the western coast, has long been considered prospective for hydrocarbon development. Success in recent drilling operations has validated geological assessments and opened opportunities for further exploration in adjacent areas.
Details regarding the scope of the licensing round, block locations, and timeline for applications are expected to be announced in the coming weeks as the government finalises the regulatory framework for the programme.