Sri Lanka Launches New Offshore Oil and Gas Exploration Licensing Round

Sri Lanka has officially launched its Licensing Round 2026, inviting global energy companies to explore and produce offshore oil and gas. The Petroleum Development Authority of Sri Lanka announced the initiative, which aims to enhance the nation's energy security and accelerate industrial development. Initial explorations have confirmed the presence of commercially viable natural gas deposits off the western coast, particularly in the Mannar Basin. Under this new round, four exploration blocks covering approximately 34,000 square kilometers in the Mannar Basin will be offered to international firms. This strategic move seeks to reduce the country's heavy reliance on fuel imports. The launch ceremony was attended by the Minister of Energy and the Minister of Labour.