அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
(1)
There shall be incorporated under the Companies
Act, No.7 of 2007, a separate corporate entity for the purpose of managing interests of the State in respect of all aspects of petroleum resources development (in this Act referred to as the "National Petroleum Operator") and the Minister shall by Order published in the Gazette, designate it as the National
Petroleum Operator.
(2)
The National Petroleum Operator shall -
(a)
hold the participating interest of the State in any joint venture and manage the share of the State of the petroleum produced;
(b)
be jointly and severally liable with all other holders of participating interest to comply with the requirements of the Petroleum Resources
Agreement and the terms and conditions set out in any Exploration Licence or Development Licence or Unit Development Licence issued by the
Authority to the joint venture; and
(c)
be liable severally not jointly, for the debts of other holders of participating interest.