Indian company ONGC Videsh interested in oil and gas exploration in Sri Lanka

11 October 2023 08:59 pm Views - {{hitsCtrl.values.hits}} 10 Bookmark

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ONGC Videsh Limited (OVL) is keen to participate in oil and gas exploration opportunities in Sri Lanka and is waiting for the island nation to unveil its roadmap and policy on developing the upstream petroleum industry, the company said Wednesday.

OVL is the overseas investment arm of India’s state-owned Oil and Natural Gas Corporation. According to OVL managing director Rajarshi Gupta, a presence in oil and gas assets in Sri Lanka would gain from the synergies of the larger ONGC group, as the parent company has significant upstream assets and infrastructure in southern India.

Geologically, the island nation and its offshore areas are quite similar to parts of southern India, and the ONGC is experienced in operating in such zones. Sri Lanka’s geographical proximity to India is also seen as a major attraction for OVL.

Gupta added that OVL would be open to government-government negotiations, competitive bidding or any other route that the Sri Lankan government decides on to enable participation in the island country’s upstream petroleum sector.

Asked by when he expects Sri Lanka to open up oil and gas exploration to foreign participation, Gupta said that it would be contingent on the Sri Lankan government finalising its policy for the sector. (Indian Express)

Comments - 10

Trehan Munasinghe Wednesday, 11 October 2023 09:09 PM

Haven't we been looking for oil for decades, have we suddenly struck oil and gas,...? Just our luck when the world is moving towards alternative fuels...

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Gaston Wednesday, 11 October 2023 09:35 PM

Well, this is likely to end after talks with the ministers as the ministers would ask how much of a share they would get. End of the project. Similar to Norochcholi when a report of the findings stated that the Chinese contractors had to double the contract price to offer MR and his clan 50% of the contract sum. They initially offered only 5% of their profit margin. They had been told that the contract would not be awarded to them and so they had to revise the contract price by double the amount. They also had to bring in sub-standard products to match the expectations of the bribes. The end result could be seen with its constant breakages. These facts have been around but nothing has been done to penalize the obvious thieves. Yet they still go to temples. The hell is waiting..

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REEZ Wednesday, 11 October 2023 10:16 PM

May be he is talking about Polthel.

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Lanka Indian Oil Compnay is what caused CPC to become bad Thursday, 12 October 2023 03:38 AM

India started the rot, when they got rights to have Lanka IOC here. Every Indian project will end up benefit India ten times more than Sri Lanka, and they become the new colonial masters. They even force Institutional change with 13A. Pale skins were bad as rulers, but the Indians are just Elaras (Dutugamnu enemy) in a new life.

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SLEx Thursday, 12 October 2023 07:43 AM

Lanka Indian Oil Compnay is what caused CPC to become bad - Hahahaha. What a joke. What caused CPC to be bad was terrible management and corrupted workforce that would sell their own parents for a kick back. Also a country full of freeloaders expecting tax payers to subsidise their lifestyle.

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Fred Thursday, 12 October 2023 07:53 AM

Forget it.These are sophisticared ventures needing capital, expertise, with little or no chance of success.Sri Lankans can't even manage their affairs onshore.Will lead to destruction of environment more corruption among other things

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melville perera Thursday, 12 October 2023 08:35 AM

previous govts gave several contracts to foreign explorers constantly reporting the smell of oil in their drilling operations and perhaps by now they must have reached the end of the diameter of the earth and vanished from there.

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ding Thursday, 12 October 2023 09:07 AM

Indian companies must invest in North and east provinces

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Mandayan Thursday, 12 October 2023 11:23 AM

Where is Udaya Gamapilla who bullshitted once that there are billions dollars worth of oil in Mannar basin.

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Sambo Thursday, 12 October 2023 07:26 PM

These Indians want to intrude everything in our country. They know the weakness of our politicians.

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