21. Transfer or assignment of a participating interest

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

(1)

The contractor may apply for transfer or assignment of a participating interest in a Petroleum

Resources Agreement, Exploration Licence or Development

Licence as the case may be, to the Authority and the Authority may submit the same with its recommendation to the

Minister, who shall submit such application and the recommendation of the Authority for the approval of the

Cabinet of Ministers.

(2)

The contractor shall, subject to such terms and conditions as may be imposed by the Cabinet of Ministers, have the right to transfer or assign any or all of his participating interest.

(3)

Upon the receipt of the decision of the Cabinet of

Ministers on an application made under subsection (1), it shall be the duty of the Authority, to communicate such decision to the contractor making the application.

(4)

The transfer or assignment of participating interest in a Petroleum Resources Agreement, Exploration Licence or

Development Licence shall be as prescribed by regulation.

Read on from s 22

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