BOI upbeat on US $ 5000m investment target

  • 10 Apr 2010 22:55:08 GMT

    Cairn Lanka global bid on track

    [Cairn Lanka Private Ltd. (CLPLTD), the operator of the offshore of exploration block SL-2007-01-001, has called for global Expression of Interest (EoI) for Shore-based Management Services for its project work which includes drilling, testing and completion of exploratory wells.

    Three Hayleys related parties- Hayleys Energy Services, Hayleys Agility, India-based Panalpina along with GAC Shipping and Sri Lanka Shipping Corporation are said to have been short-listed out of the bidders.

    While Agility and Panal have specialised in shipping and logistics, Hayleys Energy Services is said to have been incorporated specifically for energy related logistics. GAC Shipping and Sri Lanka Shipping are shipping majors which have also ventured into related services like bunkering.

    The bids closed on March 31 and the deal is to be finalised by the end of April.

    Although Cairn Lanka had asked for at least five years experience, no firm in Sri Lanka has experience in this field. So, you have to start from scratch. As shore based management services includes from oil drilling to warehousing to providing office space, you have to ensure safety of environment, workers etc and other issues related oil exploration which very few Sri Lankans are knowledgeable of.

    However the south west monsoon starting in May and going up till September, most probably operations will start thereafter, a Cairn Lanka spokesman said.

    CLPL is planning to commence exploration drilling activities (3 firm wells + 2 optional wells) in the Contract Area that lies in the Gulf of Mannar in deep water just off the North West coast of Sri Lanka between January 2011 to May 2011.

    Only contractors, who have a minimum of five years experience in providing the below mentioned Services, any or a combination of, in support of offshore deepwater drilling campaign shall be considered under International Competitive Bidding (ICB) procedures. Cairn Lanka said in its bidding notice.

    Cairn Energy India private Limited, an Edinburgh-based energy giant operating mainly in India, is to invest nearly Rs.23 bn (US$200)mn on oil exploration in Sri Lanka. Cairn also expects to strike Natural Gas resources in addition to crude oil. Cairn Energy PLC, listed on the London Stock Exchange (LSE) has further assets in Bangladesh, Nepal, Northern India, Greenland, Tunisia, Peru, UK (West of Shetlands), Albania, and Australia.

    Cairn made a major oil discovery, Mangala in Rajasthan in the north west of India at the beginning of 2004, which is said to be the largest in India.]

  • 10 Apr 2010 23:13:11 GMT

    Only India come to invest in Srilanka because they know in future this will be an Indian Terrotari.Fools.

  • 10 Apr 2010 23:40:02 GMT

    Oil exploration licensing to pick up soon Central Bank

    [Sri Lanka is planning to offer offshore oil exploration licences in the North, North-West and South of the island and bids would be open for competitive bidding in the near future, the Central Bank said.

    `The Ministry of Petroleum and Petroleum Resources Development plans to conduct the second licensing round for oil exploration in the near future. A few blocks from the Mannar Basin as well as some blocks from the more prospective Cauvery Basin (North off Sri Lanka) and the Southern offshore basin would be available for competitive bidding,` the Central Bank said.

    Sri Lanka s first offshore oil exploration licence was awarded to Cairn India in 2008 when a 3,400 sq km block located in the Mannar Basin was offered to the company. It hopes to invest US$ 100 million in oil exploration activities.

    The company recently acquired 3D seismic data of the exploration block and the data is being analysed by Cairn India s geologists looking for the best place to start drilling, an official told the Island Financial Review.

    `But the company is busy with activity even through they have to wait for data from their scientists. They are busy studying wave patterns and water current in the Mannar Basin. These are crucial data to determine the type of oil rig they would have to lease.

    `Also, Cairn India would have to put into place other support services and linkages, so they are very busy right now,` the official said.

    Exploration drilling is expected to commence by 2011 and would be the only real way of finding out whether or not commercially viable oil/gas deposits exist.

    `The US$100 million invested by Cairn goes to show how optimistic they are,` the official said.

    It is estimated that Sri Lanka has a 60 percent probability of finding offshore oil deposits.

    Two other blocks in the Mannar Basin were offered to India and China.]

  • 10 Apr 2010 23:53:23 GMT

    [Only India come to invest in Srilanka because they know in future this will be an Indian Terrotari.Fools.]

    Get your facts right you stupid f@#k.

    Cairn is an Edinburgh-based oil and gas exploration and production company listed on the London Stock Exchange.

    There are two parts of the business.

    Cairn India focused primarily on India, and the other focused on exploration in key assets such as Greenland.

  • 12 Apr 2010 07:28:23 GMT

    Jolyroger

    My friend Srilanka has enough experience with Indian busines partnerships.`Shell Gas India` is a very good example and today it became a `Biggest Headake` to the Srilankan government.President Chandrika Bandaranayaka sold `Colombo Gas Company` to `Shell Gas India` and collected enough money under the table and bought `Prience Williams` palace in England and living rest in peace while poor` Srilankan` `L.P.Gas consumers` are killing by `Shell India`, so do you think if India finds `Petrolium` in our cost, will they give the product as a subsidy? India is a good farthinking country, they are good investers.That is why they made the `Product` closer to the ` Targrted Customer` and get the maximum profits out of their investment.Why not we invite `Caltax`, `MobilGas` and other leading American Investers, but one thing, they do not give `Commis` and do not land for a country where `No Law`.