Petroleum Resources Act (No. 26 of 2003)

Sri Lanka Consolidated Acts

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Petroleum Resources Act (No. 26 of 2003) - Sect 13

Suspension or cancellation of Development License

13.

(1) Where the PRDC is satisfied that a Contractor to whom a Development License has been issued "

	(a) has failed to comply with a notice issued under section 12 or has not taken reasonable steps to rectify or correct the condition resulting from the contravention specified in such notice or has not shown reasonable cause for such contravention;

	(b) has not complied with any direction given by the PRDC under this Act; or

(i) to the work programme which is part of the Petroleum Resources Agreement, or

(ii) to the project development and investment proposal submitted for the Development License or

	(d) has abandoned or constructively abandoned the Development License by failure to diligently conduct petroleum operations m the area covered by the Development License, or

	(e) has surrendered the Development Licence, or

	(f) has been convicted of an offence under this Act or of any regulation made under this Act,

(2) Contractor aggrieved by a decision of the PRDC to suspend or cancel a Development License issued under section 10 shall have recourse to the arbitration provisions if any, which forms part of the relevant Petroleum Resources Agreement, for resolution of the matter.

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