A ministerial committee has approved the next step towards inviting investment for petroleum exploration as Sri Lanka once again looks beneath its own waters for energy.
Sri Lanka is preparing to seek investment for oil and natural-gas exploration, with a ministerial committee approving the calling of investment proposals.
The move revives one of the country’s longest-running economic possibilities: whether commercially recoverable petroleum resources can finally be established and developed around Sri Lanka. Current energy-sector reporting lists the decision among the Government’s latest exploration initiatives.
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Sri Lanka has been here before. Exploration interest has repeatedly produced expectations without creating a commercial petroleum industry.
This time the important questions will be the terms offered to investors, how exploration rights are awarded, what the State receives if commercially viable reserves are discovered and – crucially – how transparent the process will be.
Because finding oil would be important.
Knowing who gets what if we find it may be just as important.
