Coordinates and contractual terms and conditions for the two blocks are yet to be finalized, he said adding some work on the prospects of the blocks has been completed.
Indian government has already awarded exploration licenses for two blocks in Cauvery basin to consortiums of ONGC and Oil India Ltd and Reliance Industries Ltd and Hardy Oil.
Ramachandran indicated that IOC might take a partner with deepwater exploration know-how on board for the Sri Lankan blocks. IOC has taken stakes in 10 on- and offshore blocks in India, in participation with state-owned ONGC, OIL and GAIL.
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