Petroleum Resources Act 2021 · As enacted · Part III · Ownership of Petroleum Resources and Petroleum Data and Formulation of National Policy on Upstream Petroleum Industry
14. Policy Advisory Committee
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister shall appoint a Policy Advisory
Committee, in consultation with the Authority comprising experts in the fields of industry, commerce, law and any other subject to advise on formulating National Policy on
Upstream Petroleum Industry.
Upon the advice of the Policy Advisory Committee, the Minister may call for further information as necessary and he shall provide instructions to formulate the National
Policy on Upstream Petroleum Industry embodying inter alia the guiding principles, actions and plans set out therein, and the cumulative process to be followed in relation to regulating the exploration, development, production and management of indigenous petroleum resources.
The Minister shall thereafter submit the National
Policy on Upstream Petroleum Industry to the Cabinet of
Ministers for its approval.
The National Policy on Upstream Petroleum Industry which is not so approved shall be deemed to be rescinded as from the date of such disapproval.
Upon the approval granted by the Cabinet of Ministers under subsection (3), such National Policy shall be the
National Policy on Upstream Petroleum Industry.
The National Policy on Upstream Petroleum
Industry may be reviewed by the Policy Advisory Committee whenever it requires to do so.
Such National Policy on Upstream Petroleum Industry may, on the advice of the Policy Advisory Committee, be amended or varied by the Minister to incorporate any new developments in petroleum resource management practices or processes including the technological and commercial developments, whether local or global pertaining to the upstream petroleum industry.
Every such amendment or variation shall be carried out in accordance with the procedure specified in this section.
The members of the Policy Advisory Committee shall be remunerated on such terms and at such rates as shall be determined by the Minister in consultation with the Minister assigned the subject of Finance.
It shall be the duty of every stakeholder to comply with the National Policy on Upstream Petroleum Industry.
Part IV
Part V
National Petroleum Operator
Part VI
Fiscal Provisions
Part VII
Chief Executive Officer and Staff of the Authority
Part VIII
Petroleum Resources Development Fund
Part IX