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Message: <blockquote data-quote="Candid-B" data-source="post: 31223805" data-attributes="member: 571019">Yes, significant, untapped oil and natural gas deposits exist in the offshore Mannar Basin, located west of Sri Lanka. Studies estimate potential resources worth approximately US$ 267 billion, with over 2 billion barrels of oil and 5–9 trillion cubic feet of gas identified in the area.<ul> <li data-xf-list-type="ul">Discoveries: In 2011, exploration wells named Dorado and Barracuda confirmed the presence of a working petroleum system, discovering natural gas and condensate.</li> <li data-xf-list-type="ul">Location: The basin is situated in the Gulf of Mannar, with potential resources located about 30 km off the Puttalam-Mannar coast.</li> <li data-xf-list-type="ul">Status: While proven, these resources are currently underdeveloped and underexplored.</li> <li data-xf-list-type="ul">Exploration: The government has actively sought international investors for joint exploration and production, with surveys conducting further assessment of the basin.</li> </ul>Though Cairn Lanka previously deemed the field not commercially viable to develop in 2015 when oil prices were low, the potential remains high, and the government has continued to invite bids for exploration.</blockquote>

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