Sri Lanka Signs Agreement with Bell Geospace

Sri Lankan government has signed an agreement with the Bell Geospace to explore for offshore oil and gas deposits in Mannar Basin, government’s official news portal reported August 15.

The scope of agreement includes airborne gravity, gravity gradiometry and magnetic surveys offshore Sri Lanka. Country's Petroleum Resources Development Secretariat (PRDS) has identified several blocks for offshore oil and gas exploration. 

Earlier this year, local media reported that Sri Lanka plans to invite bids in early 2020 for its second licensing round in seven years. The south Asian nation will invite bids for exploration of natural gas in the Mannar and Cauvery basins. The licencing round is expected to be the first to come under a new national policy on natural gas, which is due to be put in place by the end of the year.