Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsInterpretation
| 34. In this Act unless the context otherwise requires - "contiguous zone" means the zone declared to be the contiguous zone of Sri Lanka by Proclamation made under section 4 of the Maritime Zones Law, No. 22 of 1976; ''continental margin" means the sea bed and subsoil defined in Article 76 of the United Nations Convention on the Law of the Sea, 1982; "Contractor" means any person or body corporate, local or foreign, authorized to conduct petroleum operations under a Petroleum Resources Agreement, and shall include joint venture operations ; -."Corporation" means the Ceylon Petroleum Corporation, established by the Ceylon Petroleum Corporation Act. No. 28 of 1961; "Development License" means the authority to recover and save commercial quantities of petroleum resources in a designated area of an exploration block issued in terms of section 10; "Director-General Petroleum Resources (DPR)" means the head of the Secretariat to be established to carry out the functions assigned to it by the Cabinet of Ministers as the agent of the Government; "exclusive economic zone" means zone declared by Proclamation made under section 5 of the Maritime Zones Law, No of 1976; - "exploration block" means an exploration block set out in the relevant Petroleum Resources Agreement; "historic waters" mean the limits of the historic waters . declared by Proclamation made under section 9 of - the Maritime Zones Law, No 22 of 1976; "investor" may include private sector investors, public sector investors, and any stale agency or public corporation ; "Minister" means the Minister in charge of the subject of Petroleum Resources Development; "participating interest" means an interest expressed by right to a percentage in the share of petroleum resources recovered and saved under a Development License, and set out in the Petroleum Resources Agreement; "petroleum operations" mean activities in exploration, development and recovery of petroleum resources including but not limited to geological surveys, interpretation of seismic data, well drilling, production testing, separation, processing, storage, recovery, transportation and marketing ; "petroleum reservoir" means a naturally occurring discrete accumulation of petroleum resources; ''petroleum resources" means crude oil, natural gas and hydrocarbons whether in natural liquid, gaseous, solid or semisolid slate hydrates of oil and gas, sulfur and other similar substances associated with hydrocarbons that are in situ or recovered by petroleum operations; '"Petroleum Resources Agreement" means a contract for production sharing entered into in terms of section 9 of this Act, between the State and one or more Contractors ; "Petroleum Resources Development Committee (PRDC)" means the Committee to be established to implement the provisions of the Petroleum Resources Act;"Petroleum Resources Royalty" means the royally that is payable by a Contractor on the market value of all petroleum resources that are recovered by him from the area covered by a Development License; "service sub-contractor" means a person who provides goods or services to a Contractor for petroleum operations for, or on behalf of, a Contractor; "territorial sea" means the limits of the sea declared to be the territorial sea of Sri Lanka by proclamation made under section 2 of Maritime Zones Law, No. 22 of 1976 and includes the internal waters of Sri Lanka; "unit development" means the development of a common reservoir that is situated within the boundaries of two or more exploration blocks or the area covered by two or more development licenses; "Unit Development Agreement" means an arrangement between two or more Contractors for jointly conducting petroleum operations in respect of a common reservoir of petroleum resources. |