25. Minister to designate a body of persons to be the National Petroleum Operator

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

(1)

There shall be incorporated under the Companies

Act, No.7 of 2007, a separate corporate entity for the purpose of managing interests of the State in respect of all aspects of petroleum resources development (in this Act referred to as the "National Petroleum Operator") and the Minister shall by Order published in the Gazette, designate it as the National

Petroleum Operator.

(2)

The National Petroleum Operator shall -

(a)

hold the participating interest of the State in any joint venture and manage the share of the State of the petroleum produced;

(b)

be jointly and severally liable with all other holders of participating interest to comply with the requirements of the Petroleum Resources

Agreement and the terms and conditions set out in any Exploration Licence or Development Licence or Unit Development Licence issued by the

Authority to the joint venture; and

(c)

be liable severally not jointly, for the debts of other holders of participating interest.

Read on from s 26

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