Mannar Basin oil, gas reserves can generate US$ 267 bn – Minister

On Sep 7, 2021

Energy Minister Gammanpila Udaya Gammanpila yesterday stated that the USD 267 billion worth of oil and gas resources hidden in the Mannar Basin could generate three times the total debt of the country. The Minister stated the aforesaid at the Consultative Committee on Energy held in Parliament yesterday (07).

The Minister further stated that although investors who invest in these oil and gas drills are given 50%, USD 133.5 billion is Government owned and it is almost three times the total debt value of the country which is a total of USD 47 billion.

The Minister made this observation while briefing the Committee including Parliamentarians on the Petroleum Resources Bill to be tabled in Parliament for the Second Reading. Accordingly, the Bill was approved by the Committee.

The Minister further stated that this Bill, which seeks to regulate and manage the exploration of petroleum resources, including the establishment of the Petroleum Development Authority of Sri Lanka, will be presented to Parliament as a matter of priority for the Government.

Energy Minister Udaya Gammanpila said that the Norochcholai power plant could operate for 120 years only from the gas in the Mannar Basin and the Sapugaskanda oil refinery could operate for 143 years with the oil alone.