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Sri Lanka seeks investors for offshore oil and gas after decade-long hiatus

News Snapshot:

COLOMBO, Aug 26 — Sri Lanka is seeking international bids for offshore oil and gas exploration, authorities announced yesterday, more than a decade after an Indian firm abandoned commercial drilling citing high costs.The island nation said it was offering four offshore blocks covering about 34,000 square kilometres (13,127 square miles) in the Indian Ocean for exploration, development and commercial production.Sri Lanka, which imports all of its crude oil needs, has seen its fuel import bill increase as much as five-fold since the Middle East war began in February.Announcing the offshore tenders, Energy Minister Anura Karunathilaka said bidding would remain open…

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