(UTV | COLOMBO) – The new Petroleum Resources Act is due to be tabled in Parliament today.
The primary objective of the new Act is to develop the legal framework and regulatory mechanism required to commence petroleum and gas production in Sri Lanka using Sri Lanka’s oil and gas reserves.
The Ministry of Energy stated that this is expected to attract huge investors in the petroleum sector for oil exploration in the country.
Steps will also be taken to establish a Policy Advisory Committee to guide the development of petroleum resources in accordance with a strategic plan.
The new Act will also establish a company called Sri Lanka National Oil and Gas Limited as the Ceylon Petroleum Operator to represent the right of participation of the Government of Sri Lanka.
The Office of the Minister of Energy stated that the new Act will also facilitate the exploration, development, production and management of petroleum resources in Sri Lanka.