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Sri Lanka to drill first oil well in 2011
26 November 2010: Sri Lanka is scheduled to drill its first oil well in the north western Mannar basin in the first quarter of 2011. The drilling is being handled by Cairn Lanka.
The drilling will first take place in the first three lots of the Mannar basin which had completed the seismic studies. The first, second and third stages of oil drilling will take three, two and three years respectively and the entire project will be completed in eight years.
Tender are now open for the exploration of oil in northern and southern seas and the rest of the Mannar basin. The total cost of the project would be $172 million (approx Rs 774 crore), while the initial stage will cost $112 million (approx Rs 504 crore). The second and third phases will cost $25 million (approx Rs 112.5 crore) and $35 million (approx Rs 157.5 crore) respectively.
Source: Petroleumbazaar