Oil, hitherto held sacred, and a strong bargaining chip would soon claim its power slot in this government s positive development strategies, said President Mahinder Rajapaksa, addressing the Nation at the 60th independence Day celebrations in Colombo, yesterday. He said Just as oil reserves that would be harnessed in the future from the sea off Mannar and Electricity that would be generated from the Noracholai and Upper Kotmale power projects this indicator will have great importance for Sri Lanka in the future
Commenting on the President s Independence Day message in particular reference to oil exploration, Minister of Petroleum Resources, A.H.M.Fowzie said a cabinet Paper would be submitted on Wednesday relevant to bids already in the pipe line.
He said apart from North Sea Oil exploration off the Northern coast of Sri Lanka expected to be a viable proposition, possibility of oil inland in the Jaffna Peninsula too would be explored.
South Coastal oil reserves off the Hambantota coast are expected to yield positive results.
Already, there have been positive bidders submitting their interest statements, presently being evaluated.
Fowzie said so far interest bidding from India, China, and Cyprus, have had positive influx for evaluation.