Do More With Reuters
Partner Services

UPDATE 1-Three firms bid for S.Lanka oil exploration-oilmin

Thu Jan 31, 2008 10:10pm IST
 
Email | Print | | Single Page
[-] Text [+]

Adds details on blocks, background)

By Shihar Aneez

COLOMBO, Jan 31 (Reuters) - Sri Lanka has received six tenders from three foreign companies for oil exploration in its northwestern offshore Mannar basin, the island's petroleum resource minister said on Thursday.

"We have got six tenders. They are from Cairn India (CAIL.BO: Quote, Profile, Research), ONGC Videsh (ONGC.BO: Quote, Profile, Research) from India and Nico Resources from Cyprus," Minister A.H.M. Fowzie told Reuters.

"All three companies have bid for the first block, while Cairn India and Nico Resources have bid for the second block. The third block has received only one bid from Nico Resources."

The first block is the smallest out of the three with 3338.1 square kilometres, while the third block is the largest with an area of 4126.5 square kilometres.

Sri Lanka has eight exploration blocks in the Mannar basin, three of which are to be given for exploration once the government decides on a successful bidder.

Two have been assigned to China and India on nomination basis. The government plans to delay bidding on the last three blocks to get higher revenue.

Oil and Natural Gas Corp (ONGC), which was offered the block nominated to India said in September it was not interested in the assigned block, citing low prospectivity and the fact that Sri Lanka was asking for a big signature bonus.  Continued...

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
Pledge to support economies

G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured.  Full Article | Related Story 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Sanjay Sinha
Balancing Act

In India, it is a tough choice between growth, managing inflation and financial stability.  Full Article 

 
Nipun Mehta
Road to Recovery

There needs to be an acceptable balance created between education and healthcare and infrastructure spend, says Nipun Mehta of SG Private Banking.   Full Article 

 
Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article