2. Objects of the Act

The objects of the Act shall be -

to establish a Policy Advisory Committee to advise on formulation of a National Policy for the upstream petroleum industry covering the exploration, development, production, and management of all petroleum resources in Sri

to provide the legal framework to regulate all processes of the exploration, development, production and management of all petroleum resources in Sri Lanka including the provision of operational guidelines;

to establish an independent, efficient, and transparent regulatory framework in relation to the exploration, development, production and management of petroleum resources in Sri

to manage the available petroleum resources in an equitable, safe, and environmentally sustainable manner; and

to design, implement, monitor and revise fiscal regimes that meet evolving economic needs of the country, while providing fiscal stability to contractors.