Petroleum Resources Act 2021

This Act may be cited as the Petroleum Resources

All the provisions of this Act, other than the provisions of Part V, shall come into operation on the date on which the certificate of the speaker is endorsed in respect of this Act in terms of Article 79 of the Constitution.

The provisions of Part V of this Act shall come into operation on such date as the Minister may, by Order published in the Gazette, appoint for such purpose.

The objects of the Act shall be -

to establish a Policy Advisory Committee to advise on formulation of a National Policy for the upstream petroleum industry covering the exploration, development, production, and management of all petroleum resources in Sri

to provide the legal framework to regulate all processes of the exploration, development, production and management of all petroleum resources in Sri Lanka including the provision of operational guidelines;

to establish an independent, efficient, and transparent regulatory framework in relation to the exploration, development, production and management of petroleum resources in Sri

to manage the available petroleum resources in an equitable, safe, and environmentally sustainable manner; and

to design, implement, monitor and revise fiscal regimes that meet evolving economic needs of the country, while providing fiscal stability to contractors.