The government has signed regulations that will finalize the legal framework for oil and gas exploration investments in offshore waters around Sri Lanka.
Accordingly, it is expected to resume oil and gas exploration activities in around 900 parts identified around the country.
Power and Energy Minister Kanchana Wijesekera said that the Petroleum Development Authority (PDASL) is looking forward to exploring with suitable investors.
Earlier, Sri Lanka’s efforts to start oil and gas exploration and production focused mainly on the northern coast of the country.
But this time, the government has mapped the required range for these explorations from all sides of the island.
Sri Lanka’s former energy minister told Parliament in 2021 that the Mannar Basin, located between South India and North-West Sri Lanka, could have oil and gas resources worth about $260 billion.
It is also stated that the Sri Lankan authorities hope that the exploration activities will be able to start in early March.
