View All - 2021 Acts Section No : Acts & Ordinances PETROLEUM RESOURCES ACTMarginal Notes1. Short title and date of operation2. Objects of the Act3. Establishment of the Petroleum Development Authority of Sri Lanka4. Powers, duties and functions of the Authority5. Constitution of the Board of Directors6. Chairperson of the Board7. Disqualifications for being appointed as a member of the Board8. Terms of office of the appointed members of the Board9. Removal, resignation etc. of appointed members10. Quorum and the Meetings of the Board11. Acts or proceedings of the Board deemed not to be invalid by reason of any vacancy12. Seal of the Authority13. Ownership of petroleum resources and petroleum data14. Policy Advisory Committee15. Petroleum Resources Agreement or Joint Study Agreement16. Demarcation and designation of exploration blocks or development blocks17. Calling of proposals for the conduct of petroleum operations in respect of defined exploration blocks18. Petroleum Resources Agreement19. Joint Study Agreements20. Development Licence21. Transfer or assignment of a participating interest22. Responsibility of persons with a participating interest23. Licensing of service providers24. Unit Development Plan25. Minister to designate a body of persons to be the National Petroleum Operator26. Extent of State?s participating interest27. Terms as to production sharing28. Fiscal stability29. Determination of profits and income30. Appointment of a Director-General of the Authority31. Powers, duties and functions of the Director-General32. Staff of the Authority and remuneration33. Appointment of public officers to the staff of the Authority34. Appointment of officers from higher educational institutions to the Authority35. Establishment of the Petroleum Resources Development Fund36. Financial year and the audit of accounts37. Acquisition of property for contractors38. Directions of the Minister39. Delegation of powers, duties and functions of the Board40. Delegation of powers, duties and functions by the Director-General41. Powers of entry42. Annual report43. All members of the Authority etc. deemed to be public Servants44. Authority deemed to be a Scheduled Institution45. Expenses to be paid out of the Fund of the Authority46. Offences47. Offences by a body of persons48. Regulations49. Rules50. Repeals, savings and transitional provisions51. Interpretation52. Sinhala text to prevail in case of inconsistency