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Oil, Gas exploration sector to receive £300 mn investment

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SRAM MRAM Technologies London and Morphosis Energy and Shipping sign MoU:
Project could reach up to £ 1 bn:
Chairman, Morphosis Chandra Mouli and Chairman, SRAM MRAM Dr. Sailesh Lachu Hiranandani exchange the MoU
Chairman, Morphosis Chandra Mouli and Chairman, SRAM MRAM Dr. Sailesh Lachu Hiranandani exchange the MoU

SRAM MRAM Technologies and Resources Limited in London and Morphosis Energy and Shipping Pvt Ltd in Sri Lanka will invest 300 million British pounds(£) to venture into oil and Gas exploration projects in Sri Lanka and across the globe.

The MoU in this regard was signed on Monday in Colombo.

Chairman, Morphosis Energy and Shipping, Chandra Mouli said they are very confident that they would be able to extract oil and gas in Sri Lanka. “This will not only be in Mannar deep waters but in several other (shallow water) areas in Sri Lanka.”

“The fact that Sri Lanka is situated in proximity to Indian oil excavation sites is one major factor that we are so confident and also research done earlier on several occasions too are very positive. “We also have observed that all over the world new oil and gas sites are discovered (in non-traditional areas) and this too gives us more confidence to invest.”

The 300 million British pounds would be invested within the first three years and then it can even move up to the one billion mark. He said that they will be one of the first to apply for the international oil and gas exploration EOI/Tenders pertaining to oil and gas which he said the Sri Lankan government is expected to announce in 2022 January.

Chandra Mouli said they have been in Sri Lanka for the past three years and so much of time has been lapsed during unforeseen events like the terrorist attacks, changes in the government, changes in the government officials and the oil and gas exploration project was delayed.

“Recently we have met the concerned ministers and officials to acquire adequate knowledge and understand the policies and procedures of the country on a regular basis. Now we have come to a conclusion that we can work here with the esteemed support of the people around us but hope the government won’t delay this again.”

Asked if their exercise would not be successful he said if so the experience they gained would be used for their future projects.

“Petroleum engineering will boost Sri Lanka technically and economically and we hope to bring high capital inflow and employment as well.”

Chairman, SRAM MRAM Technologies and Resources Limited United Kingdom Dr. Sailesh Lachu Hiranandani said that they would utilize 300 million British Pounds of shares for this investment in Sri Lanka.

“We have been in Sri Lanka wanting to make this investment for several years and hope there will not be unforeseen delays in the future.”

SRAM MRAM group has been well-known across the globe for their financial capability and expertise in setting big projects and also have made similar investments in Tanzania and the Middle East.


Wednesday, November 10, 2021 – 01:00

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