அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
(1)
A contractor shall enter into a Petroleum
Resources Agreement in conformity with the provisions of this Act and such any as may be other manner prescribed by regulation.
(2)
Where the circumstances of an exploration block requires any concern related to security, environment, social, cultural and archaeological matter, such matters may be included in the Petroleum Resources Agreement. The negotiated terms and conditions of the Petroleum Resources
Agreement may differ subject to such concerns along with economic and technical considerations pertinent to each exploration block.
(3)
The contractor shall, upon entering into a Petroleum
Resources Agreement, apply for and obtain an Exploration
Licence prior to commencing petroleum operations.
(4)
The contractor upon the receipt of the Exploration
Licence shall have the exclusive rights to carry out petroleum operations in the manner set out in the relevant Petroleum