Oil and gas deposits currently valued at US$ 240 billion have been identified in Sri Lanka, Minister of Energy Udaya Gammanpila has revealed.
Minister Gammanpila said if these offshore oil and gas resources are harnessed to its full potential, then Sri Lanka has the possibility of overcoming its issues with regard to foreign debt sustainability.
Stating that Sri Lanka’s foreign debt amounts to around US$ 45 billion, the Minister said the country has oil and gas deposits valued at US$ 240 billion.
He further said the new legislation pertaining to the resources would provide for the upstream of the oil and gas industry, if it is enacted by the Parliament.
Minister Gammanpila said the proposal on the legislation would be presented to the Cabinet on next Monday for approval. (NewsWire)