Sri Lanka Consolidated Acts

Petroleum Resources Act (No. 26 of 2003)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title and date of operation  
   2.	   Ownership of petroleum resources to vest in state  
   3.	   State to develop petroleum resources in accordance with international practise  
   4.	   Agreements relating to exploration of petroleum resources  
   5.	   Establishment of the Petroleum Resources Development Committee  
   6.	   Powers and functions of the PRDC  
   7.	   Restrictions on conduct of Petroleum operations  
   8.	   Applications to  
   9.	   Petroleum Resources Agreement  
   10.	   Development Licences for recovery of petroleum resources  
   11.	   Conditions to be attached to Development  
   12.	   The PRDC to notify Contractor of contravention of conditions of Development License  
   13.	   Suspension or cancellation of Development License  
   14.	   Rights of Contractor under Development licence  
   15.	   Transfer of participating interest in a Development License  
   16.	   Licensing of service subcontractors  
   17.	   Liability of persons participating interest in development license  
   18.	   Unit Development  
   19.	   Acquisition of property for contractors  
   20.	   The Secretariat  
   21.	   Secondment of the officer in the public service & c  
   22.	   Terms as to production sharing & c  
   23.	   Adjustment of term in case of increases in taxes etc  
   24.	   Determination of profits and income  
   25.	   Petroleum Resources Royalty   
   26.	   Exemptions from customs duties  
   27.	   Regulations  
   28.	   Powers of entry  
   29.	   Offences  
   30.	   Offences by bodies of persons  
   31.	   Amendment of Act No. 28 of 1961  
   32.	   This act to prevail of other law  
   33.	   Sinhala text to prevail in case of inconsistency  
   34.	   Interpretation