President’s expenditure increased this year

 Saturday, 30 November 2013 

President Mahinda Rajapaksa has directed for the allocation for more funds for his expenditure this year by presenting a supplementary estimate of Rs.2,034,122,460 for the period between January and September.

The estimate is in addition to the Rs. 7,405,940,000 that was allocated for the President in the 2013 Budget.

The supplementary estimate was presented claiming the funds allocated in the budget were insufficient.

Therefore, the total amount allocated for the President for this has increased to Rs. 9,441,062,460.

The President has been allocated a sum of Rs. 8,567,700,000 in the 2014 Budget.

Lukewarm response for oil exploration bidding

By Devan Daniel-Sunday, 01 Dec 2013

The government has extended the field for offshore oil and gas exploration, earlier limited to the Gulf of Mannar, after a second international bidding round for oil exploration licences closed this week. International bidding for oil exploration licences closed last Friday with only two companies from India and Canada submitting bids for three of the 13 blocks on offer, industry sources said.

The exploration is now almost certain to extend to the Cauvery Basin north of the Jaffna Peninsula, as the bids that were made by the two companies included at least one for that region, sources said.

Cairn India and Canada’s Bonavista Energy Corporation submitted bids, sources said.

Sri Lanka has expanded the field of off-shore oil and gas exploration in this second round international bidding. This would kick start oil exploration activities in the North.

Cairn India already has a five-year head-start and is pushing for an early production date. It is in discussions with authorities to monetize hydro carbon discoveries in the Mannar Basin, off Sri Lanka’s northwestern coast.

Several other blocks in the waters off Sri Lanka’s eastern and southern coasts were on offer for joint studies as well.

Some of the world’s top oil exploration companies had shown interest in Sri Lanka, especially after two encouraging discoveries by Cairn India in the Mannar Basin. Exxon Mobil and Total had purchased Sri Lanka’s seismic data set, and ENI, BP, OVL, PVEP, and several other international majors had discussions with the government on potential future operations in Sri Lanka.

When contacted by Ceylon Today, Petroleum Resources Development Secretariat Director General, Saliya Wickramasuriya, declined to comment, but said the government would make an official announcement next week.