Oil Exploration

Petronas, the Malaysian Government owned petroleum and gas downstream and upstream operator did not bid for oil and gas exploration off the Mannar basin when tenders were called recently, probably due to advice given by its risk assessment committee, a Petronas official told reporters from Colombo who visited Malaysia last week.

This tender was won by Cairns India which is expected to drill their first oil exploratory well in April of next year.

Bids were called by the Government of Sri Lanka when the war against the L.T.T. E. was raging.

However Petronas, a Fortune 500 company is involved in oil exploration in Sudan, which still is a global trouble spot.

Petronas is a Ringgit Malaysian 100 billion company, with 80% of its revenue generated from its core business and the balance from other businesses such as from the leasing of commercial properties.

Safful Bahari, Visitor Manager, Petronas Twin Towers, told reporters from Colombo on Sunday that they may bid for future oil exploratory projects in Sri Lanka

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Posted by admin on Feb 7 2010. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry