ECONOMYNEXT – Sri Lanka’s government has awarded U.S. firm Bell Geospace Ltd. a contract to explore for offshore oil and gas deposits using gravity and magnetic techniques that enable faster detection of deposits and give more precise locations for drilling.
The Cabinet of Ministers this week approved the contract on a proposal presented by Kabeer Hashim, Minister of Highways, Road Development and Petroleum Resources, the state information office said.
The contract for gravity, gravity sequential and magnetic surveys will cover the Mannar Basin off the west coast and Cauvery Basin off the northern peninsula.
Bell Geospace is an international firm known for using the technique which exploits magnetic anomalies in the Earth’s magnetic field to search for petroleum and mineral deposits below the surface.
The sensor technique is more powerful than traditional methods and provides more detailed views of subsurface features and help speed up decisions about exploration.