Sri Lanka aims to become oil and gas producer by 2022
The Government of Sri Lanka finalised an agreement with two energy companies from France and Norway for a two-year oil and gas exploration exercise in the Ceylon basin off the island’s east coast.
This tripartite agreement with France’s Total and Norway’s Equinor is scheduled to cover the JS-5 and JS-6 blocks in the eastern offshore region.
Previous studies and surveys on these two blocks have reportedly revealed significant potential.
The parties will begin a thorough exploration of the blocks, 50,000 square kilometres of which have already been surveyed by Total as part of a previous study.
The exploration phase is to be followed by production and distribution, for which the government hopes to continue its partnership with Total and Equinor.
While Sri Lanka is looking to become an oil and natural gas producer by 2022, the chances of this materialising are said to be greater if explorations begin early next year.