Bids were invited from international investors for four deep-sea blocks covering nearly 34,000 square kilometers yesterday (25), officially launching the historic ‘2026 licensing round’ for oil and natural gas exploration in the Mannar Basin, which has been under discussion for decades.
The Energy Ministry states that the program will be implemented with full transparency under a modern regulatory framework, based on the scientific assessment that the Mannar Basin holds vast reserves of 2 billion barrels of oil and 9 trillion cubic feet of natural gas.
Speaking at the opening ceremony of the bidding, Energy Minister Anura Karunathilaka said that international investors will have a great opportunity through these plots located in the deep sea areas ranging from 100 to 3,000 meters.
This process is being carried out under the control of the Petroleum Development Authority of Sri Lanka in accordance with the Petroleum Resources Act.