Sri Lanka opens gates for oil exploration

Sri Lanka opens gates for oil exploration

By Staff Writer

18 Feb, 2016 | 9:06 pm

Sri Lanka opened its gates for oil exploration in its seas as the government on Thursday,  February 18, inked an agreement with one of the leading oil majors in the world.

French oil major ‘Total’ today inked a deal with Sri Lanka to explore two ultra deep water blocks under a joint study off the eastern coast of Sri Lanka.

The French Ambassador to Sri Lanka was among those present for the event.

Accordingly, Sri Lanka will get a ground rental of one US dollar per square kilometre for the entire acreage of the joint study area. The Ministry of Petroleum Resources Development says that the rent would amount to around Rs.07 million per year.