Petroleum Resources Act (No. 26 of 2003).
Country
Type of law
Legislation
Abstract
The purpose of this Act is to regulate the exploration and recovery of petroleum resources in Sri Lanka.
Ownership of all petroleum resources shall vest in the State. The Act provides for the establishment of the Petroleum Resources Development Committee (PRDC) and for its composition, powers and functions. In order to conduct petroleum operations one must enter into a Petroleum Resources Agreement with the State in respect of defined exploration blocks and in case the contractor shall discover petroleum resources the PRDC shall issue Development Licences for their recovery, storage, transportation and sale as provided for in the text. Other provisions include: functions of the Secretariat headed by the Direct-General of Petroleum Resources; fiscal provisions; and offences.
Ownership of all petroleum resources shall vest in the State. The Act provides for the establishment of the Petroleum Resources Development Committee (PRDC) and for its composition, powers and functions. In order to conduct petroleum operations one must enter into a Petroleum Resources Agreement with the State in respect of defined exploration blocks and in case the contractor shall discover petroleum resources the PRDC shall issue Development Licences for their recovery, storage, transportation and sale as provided for in the text. Other provisions include: functions of the Secretariat headed by the Direct-General of Petroleum Resources; fiscal provisions; and offences.
Attached files
Web site
Long title of text
An Act to provide for the exploration and recovery of petroleum resources in Sri Lanka and for the regulation of the same; to repeal certain provisions of the Ceylon Petroleum Corporation Act, No. 28 of 1961; and to provide for matters connected therewith or incidental thereto.
Date of text
Repealed
No
Source language
English
Legislation Amendment
No