Cairn Lanka Pvt. Ltd, a wholly owned subsidiary of Cairn India, has reportedly entered into an agreement with Sri Lanka’s Board of Investment (BOI) for a commitment of initial investment towards the exploration of hydrocarbons.
Sri Lanka’s BOI is the governing body for promoting industrial investments in Sri Lanka and the proposed exploration of hydrocarbons would mean an initial investment of around $110m.
According to the company, the programme of work will be in the Block SL 2007-01-001, which is offshore North West Sri Lanka and covers about 3,000 square Kilometres in water depths of 200 meters to 1800 meters in the Mannar basin.
The Block SL 2007-01-001 was awarded to Cairn India in the recent Sri Lanka bid round.