Authority to attract foreign expertise/investment to petroleum sectorExtraction of newly found oil, gas deposit the objectiveBy Imsha IqbalThe new Petroleum Development Authority Act (PDA) that contains legal provisions regarding petroleum and natural gas exploration is expected to come into effect in October 2021, The Morning Business learns. Therefore, the Ministry of Energy anticipates establishing an apex body on the matter of hydrocarbon resources, dubbed the Petroleum Resources Development Authority (PRDA), and appointing a board under the mentioned authority. This novel PDA comes following the cancellation of the Petroleum Resources Act No. Ltd. (CLPL) commenced exploration of drilling activities in Sri Lanka during 2011, which marked the first hydrocarbon discovery in Sri Lanka. Thus, the establishment of the new Act is expected to create a domestic petroleum industry that generates enough revenue to pay off national debts, according to Gammanpila.

Source: The Nation July 21, 2021 19:41 UTC