Sri Lanka's Ceylon Petroleum Corporation (CPC) has decided to engage in oil exploration in the country's territorial waters.
CPC Chairman Asantha de Mel said the government had granted permission to the CPC for oil exploration in one of the zones in the Mannar sea where petroleum deposits might be found. The relevant Cabinet paper has been filed for consideration in the coming weeks.
CPC is talking to a Chinese oil company to launch a joint venture to explore the Mannar basin, sources said.
The government has decided to grant two zones to India and China for oil exploration and to call for open bids for the rest.
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