Courtesy The Daily Mirror

ONGC Videsh Limited (OVL) is keen to participate in oil and gas exploration opportunities in Sri Lanka and is waiting for the island nation to unveil its roadmap and policy on developing the upstream petroleum industry, the company said Wednesday.

OVL is the overseas investment arm of India’s state-owned Oil and Natural Gas Corporation. According to OVL managing director Rajarshi Gupta, a presence in oil and gas assets in Sri Lanka would gain from the synergies of the larger ONGC group, as the parent company has significant upstream assets and infrastructure in southern India.

Geologically, the island nation and its offshore areas are quite similar to parts of southern India, and the ONGC is experienced in operating in such zones. Sri Lanka’s geographical proximity to India is also seen as a major attraction for OVL.

Gupta added that OVL would be open to government-government negotiations, competitive bidding or any other route that the Sri Lankan government decides on to enable participation in the island country’s upstream petroleum sector.

Asked by when he expects Sri Lanka to open up oil and gas exploration to foreign participation, Gupta said that it would be contingent on the Sri Lankan government finalising its policy for the sector. (Indian Express)