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srilawsby aturio
As enacted
Contents

Part V · Fiscal Provisions

22. Terms as to production, sharing &c

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

(1)

Every Petroleum Resources Agreement shall set out the respective shares of the petroleum resources, that are recovered from petroleum operations conducted under such

Agreement, to which the Contractor and the State are entitled to.

(2)

The Petroleum Resources Agreement shall provide for the following fiscal matters :—

(a)

the contractor’s recovery of costs for petroleum operations conducted under the Agreement ;

(b)

any increase in the State’s entitlement to a share of petroleum resources recovered. Such increases to be in proportion to the profitability of the petroleum operations to the Contractor;

(c)

the payment of a petroleum resource Royalty, on the totality of the petroleum resources recovered, in accordance with the provisions of this Part of this

Act; and

(d)

bonuses if any, that may be paid by the Contractor to the State.

Read on from s 23

Part VI

General

Read on from Part VI