View All - 2021 Acts	Section No :
Acts & Ordinances PETROLEUM RESOURCES ACT Marginal Notes 1. Short title and date of operation 2. Objects of the Act 3. Establishment of the Petroleum Development Authority of Sri Lanka 4. Powers, duties and functions of the Authority 5. Constitution of the Board of Directors 6. Chairperson of the Board 7. Disqualifications for being appointed as a member of the Board 8. Terms of office of the appointed members of the Board 9. Removal, resignation etc. of appointed members 10. Quorum and the Meetings of the Board 11. Acts or proceedings of the Board deemed not to be invalid by reason of any vacancy 12. Seal of the Authority 13. Ownership of petroleum resources and petroleum data 14. Policy Advisory Committee 15. Petroleum Resources Agreement or Joint Study Agreement 16. Demarcation and designation of exploration blocks or development blocks 17. Calling of proposals for the conduct of petroleum operations in respect of defined exploration blocks 18. Petroleum Resources Agreement 19. Joint Study Agreements 20. Development Licence 21. Transfer or assignment of a participating interest 22. Responsibility of persons with a participating interest 23. Licensing of service providers 24. Unit Development Plan 25. Minister to designate a body of persons to be the National Petroleum Operator 26. Extent of State?s participating interest 27. Terms as to production sharing 28. Fiscal stability 29. Determination of profits and income 30. Appointment of a Director-General of the Authority 31. Powers, duties and functions of the Director-General 32. Staff of the Authority and remuneration 33. Appointment of public officers to the staff of the Authority 34. Appointment of officers from higher educational institutions to the Authority 35. Establishment of the Petroleum Resources Development Fund 36. Financial year and the audit of accounts 37. Acquisition of property for contractors 38. Directions of the Minister 39. Delegation of powers, duties and functions of the Board 40. Delegation of powers, duties and functions by the Director-General 41. Powers of entry 42. Annual report 43. All members of the Authority etc. deemed to be public Servants 44. Authority deemed to be a Scheduled Institution 45. Expenses to be paid out of the Fund of the Authority 46. Offences 47. Offences by a body of persons 48. Regulations 49. Rules 50. Repeals, savings and transitional provisions 51. Interpretation 52. Sinhala text to prevail in case of inconsistency