4. Powers, duties and functions of the Authority

The powers, duties and functions of the Authority shall be:

to prepare a map dividing the offshore and onshore areas into graticular sections to demarcate and designate exploration blocks and development blocks and to define and demarcate areas to be designated for joint studies;

to promote and market acreage available for investment in the blocks as demarcated and designated in terms of section 16;

to negotiate with contractors the terms and conditions to be incorporated into each Petroleum

to issue all licences and certificates as may be required to be issued in terms of this Act and to cancel, suspend, vary or amend the same;

to determine and charge the licence fee for licences issued in terms of this Act;

to issue such directions and guidelines as may be required to regulate petroleum operations;

to enter into all agreements relating to the upstream petroleum industry, such as agreements pertaining to data acquisition, licensing and management of data;

to make recommendations to the Minister on matters relating to the assignment or transfer of a contractor’s participating interest in a Petroleum

to provide all infrastructural and other administrative support as may be required in the process of calling for, evaluation of and awarding of bids;

to employ such staff as may be required for the

to perform competent and responsible regulation of an internationally competitive upstream petroleum industry;

to acquire and hold, take or give on lease or hire, mortgage, pledge, sell or otherwise dispose of, any movable or immovable property;

to accept grants, gifts or donations from persons or bodies of persons within or outside Sri Lanka:

to open and maintain accounts, including in foreign currencies, in any bank or financial institution as approved by the Board, and to administer the

to issue such guidelines and directions as may be required for efficient and effective management of petroleum operations and, for management of petroleum operations in the event of a disaster;

to monitor and control activities which are necessary for or conducive or incidental to, achieve the objects of this Act; and

to do all such other acts and things which may be conducive or incidental to, the attainment of the objects of this Act.