Press briefing of Cabinet Decision taken on 2013-03-07

Acquisition, Processing and Analyzing of Offshore Petroleum Data on a Multi-Client Basis

- with the view to attracting investors of the highest quality subsequent to the discoveries made by the Cairn Company presently engaged in the drilling, the Petroleum Resources Development Committee intends to enhance the petroleum data catalogue of the Government of Sri Lanka by the addition of new information. The proposal made by H.E. the President, for acquisition, processing and analyzing of petroleum data in offshore Sri Lanka on Multi-Client Agreements, where the resource owner does not spend any money on acquisition, but selects a company to acquire the data at its own risk and cost, and then licenses it to sell the data on behalf of the resource owner and share the revenue, was approved by the Cabinet. The proposed agreement for the purpose will be prepared in consultation with the Attorney General's Department and submitted to the Cabinet for consideration.