As enacted

Contents

Petroleum Resources Act 2003 · As enacted · Part II · Petroleum Resources Development Committee

6. Powers and functions of the PRDC

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

The powers and functions of the PRDC shall be—

(a)

to formulate policies and prepare plans aimed at promoting the development of Petroleum Resources in Sri Lanka;

(b)

to call for bids and assist in the evaluation of any applications received in response to such bids, received from any investor who intends to enter into

Petroleum Resources Agreements in respect of defined Exploration Blocks and to determine whether the applicants fulfill the prescribed financial and technical qualifications ;

(c)

to prepare model Petroleum Resource Agreements ;

(d)

to assist in the negotiations being carried out, for and on behalf of the State, for agreement as to the terms to be incorporated in a Petroleum Resources

Agreement and to submit the same for execution as provided in section 4;

(e)

to appoint a nominee who will assist in the negotiations being carried out with a view to finalizing a Petroleum Resources Agreement ;

(f)

to maintain registers, maps and other records in respect of all exploration blocks and areas covered by Development Licences issued under this Act;

(g)

to cause to be collected, compiled, analyzed, and published, geological, geophysical, engineering and economic data pertaining to the available petroleum resources of Sri Lanka ; and to ensure the application of the law relating to intellectual property to the data so collected ;

(h)

to cause to be collected and stored, geological samples and to permit their removal from, and return to, Sri Lanka for purposes of technical evaluation ;

(i)

to issue licenses in terms of this Act and to cancel, suspend, vary or amend the same ;

(j)

to suspend or cancel Development Licenses in terms of section 13 hereof ;

(k)

to approve assignments or transfers of a Contractor’s

Participating Interest in a Development Licence issued in terms of the Act, on such conditions as are reasonable, having regard to the purposes of this Act;

(l)

to monitor petroleum operations conducted by contractors in Sri Lanka, to measure quantities and take samples of petroleum resources recovered ; and to inspect any books records, reports, accounts, samples and data maintained by a contractor;

(m)

to demand, receive and recover all fees, royalties and payments due to the State under this Act or under any regulations made thereunder or which is so due in terms of any Petroleum Resources Agreement and to credit the same to the Consolidated Fund of Sri

Lanka ; and

(n)

to require a contractor to whom a development license has been issued, by notice in writing, to furnish any such return or information as the PRDC may consider necessary for the proper exercise of its powers or the discharge of its functions.

Part III

Petroleum Resources Agreement, Exploration Blocks and Development Licences

Read on from Part III

Part IV

Functions of the Secretariat

Read on from Part IV

Part V

Fiscal Provisions

Read on from Part V

Part VI

General

Read on from Part VI