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Sri Lanka to court oil, gas investors

Feb. 20, 2013 at 7:32 AM
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HOUSTON, Feb. 20 (UPI) -- The Sri Lankan government announced plans for a road show to highlight the prospects for 13 blocks to be auctioned next month.

Sri Lanka's Petroleum Resources Development Secretariat enlisted analysis company IHS to help court investors. Exhibits are planned for Houston, London and Singapore.

IHS said the blocks cover about 927 square miles in areas ranging from the shallow waters in the Palk Straight to ultra-deep waters in the Gulf of Mannar.

The company said there have been few oil or gas discoveries in the region, though similar basins in Indian waters are considered significant sources of oil and natural gas.

The CIA World Factbook states that Sri Lanka doesn't produce oil or natural gas. Last year, it imported 41,000 barrels of oil per day.

The World Bank says the country's economy is recovering from a 26-year war that ended in 2009. In 2011, the country recorded the fastest economic growth rate in South Asia and boasted a 7.2 percent growth rate during the first half of 2012.

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