India to be major player in Sri Lankan oil exploration

India will be a key player in the Sri Lankan oil and gas exploration in the Cauvery Bay of the Gulf of Mannar which is set to begin in March next year.

As many as 18 oil and 11 gas reserves have been identified on the Indian side of Cauvery Bay and exploration will begin in March next year, Media Minister Anura Priyadharshana Yapa told reporters yesterday.

Experts estimate the sites may contain millions of barrels of crude oil for which both India and China are competing for overseas oil and gas reserves to meet soaring energy demand.

The international arm of the Oil and Natural Gas Corporation, OVL Ltd, paid one million dollars to Norwegian seismic survey group - TGS NOPE - a few weeks ago for acquiring data in the Mannar Offshore Basin in Sri Lanka, according to Sri Lankan petroleum ministry officials.

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