Cairn India strikes natural gas in Sri Lanka's offshore Mannar Basin

[King123]

NEW DELHI: Cairn India has discovered natural gas reserves in the very first well it has drilled in the offshore Mannar Basin of Sri Lanka.

Cairn had spud the well in early August and natural gas was struck last week, the company said.

The Mannar basin in Sri Lanka is a frontier petroleum province that is yet to be explored. The Block, SL 2007-01-001, was awarded to Cairn in the 2008 Sri Lanka bid round. Cairn Lanka (Private) Limited is a wholly owned subsidiary of Cairn India and holds a 100 per cent participating interest in the Mannar block.

Cairn Lanka acquired 1,750 square kilometres of 3D seismic data in the Mannar Basin of Sri Lanka between December, 2009, and January, 2010.

Based on the 3D seismic interpretation, several prospects and leads have been identified. Cairn will drill a total of three wells in the block using drillship 'Chikyu'. The drilling campaign will cost USD 110 million.

Cairn India strikes natural gas in Sri Lanka's offshore Mannar Basin - The Times of India

 

[Skyline]

wow, That's great! China and Russia also have blocks in Mannar basin. Good future for Sri Lankans!

 

[SpArK]

Well done Cairn India.. let the oil flow...

 

[RISING SUN]

Sri Lanka Invites Bidders For Block In Mannar Basin'
The government has invite expressions of interest for partners to undertake the appraisal and development of gas discoveries and prospects in the 2,924-sq km offshore block M2 in the Mannar Basin.

The block will be offered for licensing this year, including the Barracuda and Dorado gas-condensate discoveries. A data package will be available containing well data and some 2,600 sq km of 3D seismic coverage.

The remainder of Sri Lankan acreage will be released in a bid round in 4Q ’17. Western Geco is planning 2D and 3D spec seismic ahead of this off the East coast and in the Mannar Basin. Some airborne FTG/mag surveying is also planned.

Government officials are to be available for private meetings in Houston (March 5 to 9, 17) and London (March 13 and 14, 17), and the Sri Lankan plans will also be discussed at CERAWeek on March 7.

The Ministry of Petroleum Resources Development said that expressions of interest can be emailed to the Director General of the PRDS, Saliya
http://www.thesundayleader.lk/2017/02/12/sri-lanka-invites-bidders-for-block-in-mannar-basin/

Sri Lanka off-shore oil block re-offered for development
Sri Lanka is calling offers to develop an off-shore oil block in the North West of the island where some gas-condensate discoveries have already been made.

Sri Lanka's Petroleum Development Secretariat said it seeking expressions of interest to survey and develop the 2,924-sq km block.

Cairn India did seismic surveys and dug three wells, of which two showed evidence of petroleum.

However the firm did not develop the wells when oil prices collapsed after a global commodity and economic bubble fire by the US Federal Reserve burst, and the block was returned to Sri Lanka amid doubts about its commercial viability.

Cairn won the block in 2007 at the height of the last commodity bubble.

In the Mannar and Sri Lanka's north oil exploration also happened in the 1970s, after the first oil shock and commodity bubble fired by the Fed, forcing the dollar off the gold standard.

Sri Lanka also saw some oil exploration in 1981, during the second oil shock and commodity bubble, which ended when Fed Governor Paul Volcker tightened policy and ended it, creating the so-called 'great moderation' period.

Sri Lanka is now offering the block at a time when oil prices are low.
http://www.economynext.com/Sri_Lanka_off_shore_oil_block_re_offered_for_development-3-7304.html