As Sri Lanka moves ahead with plans for offshore petroleum exploration, a prominent Norwegian marine expert has urged caution, highlighting the growing global shift towards renewable energy.
Professor Peter Mosby Haugan, Policy Director at Norway’s Institute of Marine Research and the University of Bergen, shared his concerns during an interview with Media while visiting Colombo for an international seminar hosted by the Pathfinder Foundation.
“It’s a high-risk investment,” Prof. Haugan said, referring to upstream petroleum development. “These projects take time and require significant infrastructure—oil platforms, pipelines—which are extremely costly and tie a country to fossil fuel dependency for decades.”
He emphasized that, as the world increasingly embraces renewable energy, particularly solar, these investments may become economically unsustainable. “We are seeing solar and other renewables become cheaper. So, I’d advise caution before committing to petroleum ventures,” he added.
The Sri Lankan government recently announced plans to invite international bids for offshore oil and gas exploration, particularly targeting blocks in the Mannar Basin. Cabinet approval has already been granted to hire a marketing consultant to facilitate a new licensing round.
Previously, in 2011, Cairn Sri Lanka (Pvt) Ltd—a subsidiary of Cairn India—conducted exploration in the M2 block of the Mannar Basin, discovering two natural gas deposits and confirming the presence of a hydrocarbon system.
Despite these promising findings, Prof. Haugan’s warning underscores the need for long-term vision and alignment with the global energy transition.
