9.
| (1) Where applicatios are received by the PRDC under section 8 the PRDC shall forward such applications to the cabinet of Ministers, who shall after considering all the applications, select from amongst the applicants, the person whom the Cabinet of Ministers considers best qualified by experience and technical capacity to conduct petroleum operations and whose participation would, in its view, afford the greatest economic benefit to Sri Lanka (in this section referred to as "the preferred applicant"). |
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| (2) The Cabinet of Ministers may authorise a negotiating committee to be called the Cabinet Appointed Negotiating Committee (CANC) or the PRDC to negotiate and place before Cabinet for approval the matters they recommend for inclusion in the relevant Petroleum Resources Agreement. The Cabinet of Ministers shall thereupon enter into a Petroleum Resources Agreement in respect of the specific exploration block or part thereof as is agreed. Such agreement shall substantially conform to the model agreement prepared for this purpose, and be concluded in accordance with the provisions which the Cabinet of Ministers may from time to time determine the conditions to which a Petroleum Resources Agreement shall be subject to. Any amendment or variation of the conditions applicable shall also be done only with the approval of the Cabinet of Ministers. |
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Sri Lanka Consolidated Acts