18. Petroleum Resources Agreement

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

A contractor shall enter into a Petroleum

Resources Agreement in conformity with the provisions of this Act and such any as may be other manner prescribed by regulation.

(2)

Where the circumstances of an exploration block requires any concern related to security, environment, social, cultural and archaeological matter, such matters may be included in the Petroleum Resources Agreement. The negotiated terms and conditions of the Petroleum Resources

Agreement may differ subject to such concerns along with economic and technical considerations pertinent to each exploration block.

(3)

The contractor shall, upon entering into a Petroleum

Resources Agreement, apply for and obtain an Exploration

Licence prior to commencing petroleum operations.

(4)

The contractor upon the receipt of the Exploration

Licence shall have the exclusive rights to carry out petroleum operations in the manner set out in the relevant Petroleum

Resources Agreement.

Read on from s 19

Part V

National Petroleum Operator

Read on from Part V

Part VI

Fiscal Provisions

Read on from Part VI

Part VII

Chief Executive Officer and Staff of the Authority

Read on from Part VII

Part VIII

Petroleum Resources Development Fund

Read on from Part VIII

Part IX

General Provisions

Read on from Part IX