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In order to achieve domestic oil production capacity and reduce imports, Sri Lanka has invited France's Total and Norway's Equinor to study the oil and gas potential
of the two blocks.
Sri Lanka does not produce oil and imported fuel costs $4.
15 billion
in 2018.
In order to reduce imports, Sri Lanka plans to produce its own oil
domestically by 2023.
Sri Lanka's oil ministry said the country had received bids for three exploration and development blocks because of the prospect of low-carbon hydrogen compounds, but he declined to name
the companies.
To boost its oil and gas production, Sri Lanka has invited Total and Equinor to explore blocks JS-5 and JS-6 offshore in the eastern offshore area
.
Data from previous seismic surveys showed that JS-5 and JS-6 blocks had "significant hydrocarbon potential", after which Total decided to move forward with the next phase of exploration
with Equinor.
Equinor will bear 30 percent of the project's costs, but did not specify details
.
Jean-Marc Rodriguez, Total's vice president of exploration for Asia Pacific, said similar projects typically cost $2 million to $10 million
.
In order to achieve domestic oil production capacity and reduce imports, Sri Lanka has invited France's Total and Norway's Equinor to study the oil and gas potential
of the two blocks.
Sri Lanka does not produce oil and imported fuel costs $4.
15 billion
in 2018.
In order to reduce imports, Sri Lanka plans to produce its own oil
domestically by 2023.
Sri Lanka's oil ministry said the country had received bids for three exploration and development blocks because of the prospect of low-carbon hydrogen compounds, but he declined to name
the companies.
To boost its oil and gas production, Sri Lanka has invited Total and Equinor to explore blocks JS-5 and JS-6 offshore in the eastern offshore area
.
Data from previous seismic surveys showed that JS-5 and JS-6 blocks had "significant hydrocarbon potential", after which Total decided to move forward with the next phase of exploration
with Equinor.
Equinor will bear 30 percent of the project's costs, but did not specify details
.
Jean-Marc Rodriguez, Total's vice president of exploration for Asia Pacific, said similar projects typically cost $2 million to $10 million
.
