• Sinhala (Sri Lanka)
  • தமிழ் (இந்தியா)

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Arjuna Ranatunga, Minister of Petroleum Resources Development, signed an agreement with Eastern Echo DMCC, subsidiary of a major oilfield services company Schlumberger, today to collect, market and license of petroleum data on “multi-client” basis, enabling several data acquisition projects, including 2D and 3D seismic, in selected offshore areas around Sri Lanka at no cost to the Government. This Agreement acts as an Umbrella for the execution of several multi-client based Service Agreements to carry out seismic data acquisition surveys , advance data processing/interpretation work or modeling of Petroleum systems as the case may be depend on the country’s requirement and pre- commitments to be secured by the contractor.

“An agreement should be beneficial to the country. It took long period to draft. This is a huge victory for the country. This is limit for 10 years. We expect to expolre on multiservice conditions with this company. There was a long pause to initite exploration even the discussions took place. We can go forward with this agreeement, now. They expect to invest USD 50 million for the exploration under this agreement. This data is only belong to the governmenet. By every data search, we and the government will be receive money. We initiate with this agreement after 6 months discussuions with several companies. By this agreemenet, we will be able to create nre recruitments in Northa and Eastern provinces” He said.

The main objective of entering into this agreement is to acquire more petroleum data using modern acquisition and processing techniques, and thereby reduce the technical and financial risk of prospective investors in deep water exploration in Sri Lanka and encourage increased level of investor participation in oil and gas
exploration activities. The total investment under this agreement is a minimum of USD 50 million which will be purely borne by Eastern Eco DMCC , who will
recover it from sales proceeds to multiple investors. This entire project provides an array of socio-economic benefits to Sri Lanka as

 The provision of training on petroleum systems modeling & interpretation of the new data, and further integration with, and update of, the existing
geotechnical database in this agreement will enhance Sri Lanka’s interpretation and basin modeling capabilities, thereby increasing our understanding of the sub-surface.The specialist training, and newly acquired and petroleum data is an essential precursor to future licensing rounds .

 This will accelerate the licensing process and speed up maturation of discovered assets.

 This investment will enable and foster knowledge transfer to local geo- scientists, access to leading edge technology and build in-country expertise in
technical, financial and economic modeling areas.

 In addition, the Government will also receive a share of future data sales revenue either in cash or structured competency development programs/software form schlumberger as preferred.

 Opportunities for promotion and marketing of Sri lanka’s data as well as hydrocarbon potential globally through a comprehensive global network of oil and gas companies.


- Media Unit - Minister Office

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Source : Ceylon Petroleum Corporation