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Oil Exploration begins in Sri Lanka

Feb 18, 2016
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Sri Lanka inked an agreement with French oil major ‘Total’ one of the leading oil majors in the world on February 18. Sri Lanka is exploring two ultra deep water blocks under a joint study off the eastern coast of Sri Lanka. The French Ambassador to Sri Lanka was among those present for the event. Sri Lanka will get a ground rental of one US dollar per square kilometre for the entire acreage of the joint study area. The Ministry of Petroleum Resources Development says that the rent would amount to around Rs. 7 million per year.

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