Economy

Sri Lanka’s seabed may hold 3 TCF gas, several billion barrels oil

Published

2 months ago

March 23, 2026

Sri Lanka is estimated to have up to three trillion cubic feet of natural gas in its offshore reserves, according to an interview published by The Sunday Morning.

Quoting Petroleum Development Authority of Sri Lanka Chairman Saliya Wickramasuriya, the report said the country also has the potential for “several billion barrels” of crude oil beneath its seabed within territorial waters and the Exclusive Economic Zone.

The estimates are based on basin modelling and seismic data gathered over recent years, which have improved understanding of Sri Lanka’s offshore resource potential.

However, the report noted that commercial extraction is unlikely to begin in the immediate future, as the process of attracting investors and issuing exploration licences remains at an early stage.

Sri Lanka has recently introduced a new regulatory framework, including the Petroleum Resources Act of 2021, aimed at improving transparency and building investor confidence in offshore exploration.

Under the “Explore Sri Lanka” programme, authorities have shifted from traditional bid rounds to an open licensing system, dividing offshore areas into smaller blocks to encourage wider participation by international energy companies.

Economy

Govt Approves Rs.112 B Central Expressway Phase Without New Loans

Published

1 day ago

May 12, 2026

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“Rs. 112 Billion. 100% funded by the Government of Sri Lanka. Zero new loans.”

Minister Bimal Rathnayake says Cabinet approval for the Rambukkana–Galagedera phase of the Central Expressway is proof of Sri Lanka’s economic recovery, adding that what was once a “distant dream” is now a funded reality under the Finance Ministry’s leadership over the past 18 months.

Economy

Sri Lanka’s official reserves fall below US$ 7 billion

Published

3 days ago

May 10, 2026

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Sri Lanka’s official reserve assets fell below the US$ 7 billion mark again in April 2026, according to the latest data released by the Central Bank of Sri Lanka.

The country’s total official reserve assets declined from US$ 7.026 billion recorded at the end of March 2026 to US$ 6.759 billion by the end of April.

Data also showed that foreign exchange reserves — the main component of official reserves — dropped from US$ 6.8 billion to US$ 6.505 billion during the month.

Meanwhile, Sri Lanka’s gold reserves declined slightly from US$ 222 million to US$ 219 million.

Economy

PayPal to launch in Sri Lanka from May 15

Published

5 days ago

May 8, 2026

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PayPal is set to launch in Sri Lanka on 15 May, in a move expected to expand formal digital payment channels, initially starting with business-to-business (B2B) payments to exporters.

According to sources, the initial rollout will focus on enabling inward payments to exporters, with several local banks already appointed as agents for the service.

While an official announcement is yet to be made, sources said the launch is currently scheduled for 15 May, with the Presidential Secretariat likely to host the event.

Banking sector officials have already participated in familiarisation sessions relating to PayPal’s entry into Sri Lanka, while PayPal representatives are understood to have visited the country last month for discussions with local stakeholders and financial institutions regarding the rollout framework.

The move follows months of engagement between the Government, the Central Bank of Sri Lanka (CBSL), and the private sector, aimed at enabling regulated inward remittance functionality through the global online payments platform.

In February, Digital Economy Ministry Secretary Waruna Sri Dhanapala said Sri Lanka had entered the final stage of enabling inward remittances through PayPal, describing it as a key milestone in modernising the country’s digital payments ecosystem.