Massive oil deposit off Sri Lanka

by Manjula Fernando

President Chandrika Bandaranaike Kumaratunga yesterday disclosed that a massive oil deposit has been detected along the Puttalam to Hambantota coastal belt.

This rare resource that could take the country and its people to prosperity is to be exploited from next month, President Kumaratunga said.

Addressing a packed audience representing all stakeholders of the education sector at the BMICH, the President said the leaders who will succeed her should use this resource to bring prosperity to all the people, in the South as well as the North.

"This should not be made a mine for a few politicians to thrive on and share the spoils among their kith and kin. It has happened in Nigeria and some Latin American countries and as a result the people in these countries are still among the poorest in the world," President Kumaratunga warned.

"Nigeria is an oil rich country but these resources are shared by a few powerful political families and the country remains mired in poverty," she added.

"We have still not found if the oil deposit stretches to the North," the President said adding that the profits of the resource must also be extended to develop the North and the East. She said the oil deposit remained a secret until now but it was time to bring it to light.

Speaking at the Joint Annual Discussions of the World Bank and International Monetary Fund last week in Washington DC, Finance, Industries and Investment Promotion Minister Dr Sarath Amunugama said the findings of a seismic survey conducted recently in the Gulf of Mannar, west of Sri Lanka, revealed the presence of a world class petroleum system offshore.

He said this indicates a potential for high quality hydrocarbon deposits. This prospect is expected to be further defined by additional 2D seismic surveys in December. International licensing is scheduled for the first quarter in 2006. "There are signs of good fortune for Sri Lanka," he said.

Addressing the gathering at the BMICH, President Kumaratunga said education has been given priority in all countries. Development cannot be achieved without producing a good child through a proper education system.

She said she strove to introduce a new vision for education even before becoming President, as the Chief Minister of the Western Province.

"However, I could not do this alone. Three Education Ministers and Government officials extended their fullest support towards the implementation of this new vision in the education sphere during the past 11 years. Therefore I extend my sincere thanks to all who helped me to develop the education sector."

Full report tomorrow