|Tuesday, 28 September 2004|
International support vital to exploit oil resources
by Anjana Samarasinghe
Director General of the Petroleum Resources Project T. Jayawardena said according to the "Satellite Gravity Survey and Seismic Survey that have been done in Sri Lanka there are oil and natural gas resources in the Gulf of Mannar.
It has been estimated that hundreds of thousands of oil barrels can be extracted in these areas," he said.
"Although we have oil resources there is a paradox due to lack of the latest technology and the funds required for oil extraction. We need the support of the international community to get the maximum benefits from these natural resources," he said.
"For the last three years we have been working on this. We have conducted promotional programs for international oil companies in USA, England, India and China," he said.
"There was a good response from these countries," he said. Some of these oil companies will forward their proposals next year," he said. "We have also participated in the annual conference of American Petroleum Geologists (AAPG) which was held last April" he said.
The Central Bank's Annual Report 2003 says that the Ceylon Petroleum Corporation (CPC) imported 1,995 million MT of crude oil in 2003 and the total cost was Rs. 41,628 million while it was Rs. 40,404 million the previous year.
Produced by Lake House