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Offshore Technology Conference (OTC) Houston, Texas USA during 30 April - 3 May, where Sri Lanka will make a formal announcement to the international community on its offshore petroleum prospects.
 

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Chevron’s Sri Lanka unit reveals interest in offshore oil exploration

US oil giant Chevron-Texaco is interested in bidding for offshore oil exploration blocks off Sri Lanka waters, a top official of its local unit, Caltex Lubricants said.

Chevron is interested in the exploration opportunity,” Kishu Gomes, Managing Director Caltex in Sri Lanka told reporters.

“There is a delegation going to Houston, Texas to talk to prospective investors on first of May.”

Gomes is on the delegation and will talk about the private sector perspective of operating in Sri Lanka’s lubricant market at a breakfast meeting at the Offshore Technology Conference (OTC) to be held in Houston, Texas USA during 30 April - 3 May.

The conference, billed as one of the world’s largest events for the development of offshore resources, will be where Sri Lanka will make a formal announcement to the international community on its offshore petroleum prospects.

The government plans to call for bids for offshore exploration blocks in the Gulf of Mannar, off the island’s north-west, where seismic surveys have revealed a high probability of finding oil or gas.

India has found oil in waters on her side of the maritime boundary in the Gulf of Mannar.

Attendance at last year’s OTC a 24-year high, as 59,236 exploration and production professionals met to learn about the latest technology to find the oil and gas that the world needs.

At the OTC industry breakfasts, Sri Lankan officials from the Ministry of Petroleum Resoruces, Board of Investment and other agencies will provide an overview of the country’s forthcoming first licensing round.

Minister of Petroleum A.H.M. Fowzie is heading the delegation which includes Dr. Neil de Silva, Director General/CEO, Petroleum Resources Development Secretariat.
http://www.lankabusinessonline.com/fullstory.php?newsID=303382372&no_view=1&SEARCH_TERM=14
 

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Caltex Sri Lanka unit eyes Maldivian lubricant market

Chevron Texaco’s Sri Lanka unit, Caltex Lubricants, Friday signed a five-year deal with a Maldivian firm to expand in to the lubricant market in the archipelago.
The agreement will let Caltex enhance its market position in the Maldivian lubricant market which is growing at 12 percent a year.

“Currently we have approximately ten percent of the lubricants market in the Maldives and we estimate an annual growth of around five percent. We plan to further strengthen our position in this market,” Kishu Gomes, Managing Director Caltex in Sri Lanka told reporters.

Gomes says the firm aims to increase its market share to 30 percent within the next two to three years.

Although the size of the Maldivian market is only three million litres per year, it has good profitability due to its high growth rate.

The Maldives, an Indian Ocean archipelago consisting of 1,192 coral islands, uses different types of boats to travel among islands.

It is considered South Asia's most exotic holiday destination and employs a large number of Sri Lankans who work in areas ranging from leisure, finance, trade and education.

Caltex Lubricants has a 70 percent share of Sri Lanka’s 45,000 kilolitres per year or six billion rupee lubricant market.

The firm also has its own blending plant in Sri Lanka.

Gomes says the firms hopes to focus on toll blending for local lubricant companies and tap in to the oil exploration business.
http://www.lankabusinessonline.com/fullstory.php?newsID=1127334231&no_view=1&SEARCH_TERM=14
 

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CPC goes for oil exploration


State owned oil giant, Ceylon Petroleum Corporation (CPC), is to set up a subsidiary company to engage in oil exploration operations.
In a proposal presented by CPC Chairman Ashantha de Mel to Minister of Petroleum Resources Development, A.H.M. Fowzie, CPC has also requested that an oil exploration block be allocated on nomination basis, prior to opening up for the scheduled international bidding, The Nation Economist learns.
According to the proposal, CPC will set up a joint venture with a leading global oil drilling company, which will undertake to bear the cost of drilling and, in the event of commencing commercial production, share the profits with the CPC.

Already, several unsolicited offers have been received by the CPC, including from a world renowned oil drilling company based in China. Commercial oil processing comprises three tiers- upstream, midstream and downstream sectors.
At present, the ailing national oil company engages only in refining (midstream), distribution and retail selling (downstream) of oil. No Sri Lankan company has so far engaged in exploration, drilling and extraction of oil, categorised as upstream.
Earlier, in January, Minister Fowzie, attending an industrial exhibition in India, said that the government had decided to award an oil exploration block in seas off Mannar, to state-run Indian oil giant- Oil and Natural Gas Corporation (ONGC-Videsh), and another to a Chinese firm.
“Out of eight identified exploration blocks, we have given one to the Indian government on nomination basis and another to the Chinese government,” said Minister Fowzie to reporters at the Petrotech 2007, exhibition on the hydrocarbons sector in New Delhi, India.

The minister had reportedly said that the delay in awarding exploration blocks was due to changes in the country’s exploration policy and the time taken in the appointment of new consultants.
Controversy arose with the government seeking to annul the hurriedly approved agreements with China and India, entered into during President Chandrika Kumaratunga’s tenure, awarding two blocks each and to go for open bidding for the remaining blocks.
However, President Rajapaksa reportedly abandoned the plan as India and China were vital to our national security and emerging superpowers, as well as leading trade partners of Sri Lanka.
ONGC Videsh had assured Colombo that it would share its experience in the exploration and production of oil and natural gas and train a local workforce. The block in the Gulf of Mannar lies between the southern tip of India and Sri Lanka’s west coast and is also said to be the closest block to India.
A controversial oil exploration pact with Norwegian oil giant TGS Norpec, in 2002, during Ranil Wickremesinghe’s regime, was shelved last year.

Although TGS Nopec had sold two dimensional (2D) exploration data to ONGC Videsh and British Gas for US$ 1 million each, Sri Lanka was compelled to purchase data from the Norwegian oil giant for a staggering US$ 10.5 million.
The data was said to have been given to an Australian company-Spectrum, for interpretation and the probability of striking oil was 95%, market analysts believe.
http://www.nation.lk/2007/04/22/busi1.htm
 

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SL
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"Although TGS Nopec had sold two dimensional (2D) exploration data to ONGC Videsh and British Gas for US$ 1 million each, Sri Lanka was compelled to purchase data from the Norwegian oil giant for a staggering US$ 10.5 million."

Wow, That was really unfair ! Fricking Norwegians ! It seems like the whole world want nothing but to mess up Sri Lanka ! Still do you guys think CPC Oil Exploration is a good idea, since it is bound to be very costly ? I think we should reserve a block to a CPC and wait until they are financially stable to actually start the exploration process :p
 

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Discussion Starter #6
CPC would have a venture with some foreign company, I heard that MAHARAJA org also planing to bid for exploration with Norwegian company! Chevron also biding for one, however they will observer the 2D data before any further action:)
 

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I don't think that so much oil will be available, but enough to supply our country and maybe parts of South Asia aswell earning Foreign exchange and building up businesses and the Economy...
 

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I for one am hoping we dont end up being like Dubai, or for that matter any other rentier state.

Sri lankans have the knowledge power, dedication and willpower to become a real permanent economic power in the world, we dont need to rely on oil and real estate for this goal to be achieved.
 

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Discussion Starter #10 (Edited)
100% agree, If we don't have this bloody civil war, we should have been a real economic power. I mean who wants to invest billions of $ when we have a war like this, Its gone too far, they even target the bloody CBD Colombo! We still lucky enough to have bearly $1bil FDI:eek:hno:
 

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Marxists to agitate against Western interest in Sri Lanka's petroleum resources

Sri Lanka's Marxist People's Liberation Front (JVP) plans to set up an organization to protect the country's petroleum resources from being explored.

The JVP is skeptical over the interest of the Western superpowers in the country’s petroleum resources, believed to be lying in undersea cavities identified by a Norwegian company that conducted seismic investigations. JVP-led agitations caused the Sri Lankan government to purchase the data from the company at huge cost.

JVP parliamentarians Lal Kantha and Bimal Rathnayaka are busy discussing the formation of the organization with other organizations, intellectuals and activists, JVP sources said
http://www.colombopage.com/archive_07/May12140225SL.html
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Omg, we are finished, these idiots gonna stuff-up this:eek:hno:
 

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Fuxxing Idiots.. ! wow what they've been doing recently had been very destructive to the country and the economy.. When would they realize that Socialism failed decades ago, and this is the 21st century !
 

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Fuxxing Idiots.. ! wow what they've been doing recently had been very destructive to the country and the economy.. When would they realize that Socialism failed decades ago, and this is the 21st century !
:eek:hno: But i don't think that they get a chance this time, but JHU also s**ks, Both should pull out, I heard that some people had enough of JHU coz they should have stated in Temples!
 

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Atleast the people at JHU believe in what they are doing and their ideals, JVP does these crap just for the sake of disrupting normalcy in the country.
 

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dam marxists/communists. How many countries/economies have to collapse from such idealism until they understand that thats not how an economy is run.

Thanks for wasting our money/time.... jerks.
 

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My view is that the socialists in SL simply needs to upgrade their text books. Still stuck in history. But lets remember it is our view, and there are people who do support the leftists and they are entitled to voice their view. and at the end of the day thats how democracy works. Having said that I am not even sure even all JVP supporters necessarily would agree with all that the party throws at them, and there would be people who might not vote JVP but might endorse their policy on this particular issue. Lets just stick to the issue and not generalise.

So lets move away from discussing political parties or descend into political mudslinging. Back on track.. ladies and gentlemen.. :)
 

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My view is that the socialists in SL simply needs to upgrade their text books. Still stuck in history. But lets remember it is our view, and there are people who do support the leftists and they are entitled to voice their view. and at the end of the day thats how democracy works. Having said that I am not even sure even all JVP supporters necessarily would agree with all that the party throws at them, and there would be people who might not vote JVP but might endorse their policy on this particular issue. Lets just stick to the issue and not generalise.

So lets move away from discussing political parties or descend into political mudslinging. Back on track.. ladies and gentlemen.. :)
Yep, but if they mess it up again wotz gonna happen to our economy, it will be deteriorate again:eek:hno:
 

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Discussion Starter #20
isnt the state what it is at now worse?? cn it gt even worse??!!! hope not!!!!!
They are in to Hospitals staff now, they planing a strike, which led by JVP. Why Gov can't interfere with this & ask JVP not to interfere with Uni's & other working places. :eek:hno:
 
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