View All - 2003 Acts Section No : Acts & Ordinances PETROLEUM RESOURCES Marginal Notes1. This Act may be cited as the Petroleum Resources Act, No. 26 of 2003, and shall come into operation on such date as the Minister may by Order published in the Gazette appoint (hereinafter referred to as the "appointed dale").2. Ownership of petroleum resources to vest in state. 3. State to develop petroleum resources in accordance with international practise. 4. Agreements relating to exploration of petroleum resources. 5. Establishment of the Petroleum Resources Development Committee. 6. Powers and functions of the PRDC. 7. Restrictions on conduct of Petroleum operations. 8. Applications to enter into agreements in respect of exploration blocks. 9. Petroleum Resources Agreement. 10. Development Licences for recovery of petroleum resources. 11. Conditions to be attached to Development 12. The PRDC to notify Contractor of contravention of conditions of Development License. 13. Suspension or cancellation of Development License. 14. Rights of Contractor under Development licence. 15. Transfer of participating interest in a Development License. 16. Licensing of service subcontractors. 17. Liability of persons participating interest in development license. 18. Unit Development. 19. Acquisition of property for contractors. 20. The Secretariat. 21. Secondment of the officer in the public service & c 22. Terms as to production sharing & c.23. Adjustment of term in case of increases in taxes etc 24. Determination of profits and income. 25. Petroleum Resources Royalty . 26. Exemptions from customs duties. 27. Regulations 28. Powers of entry. 29. Offences. 30. Offences by bodies of persons. 31. Amendment of Act No. 28 of 1961. 32. This act to prevail over other law. 33. Sinhala text to prevail in case of inconsistency. 34. Interpretation .