The Petroleum Resources Bill is expected to be presented to Parliament on 17 August and to the Parliamentary Consultative Committee of the Ministry of Energy on 18 August. Thereafter, the Petroleum Resources Bill is due to be passed in Parliament in early September. Once approved, the Petroleum Resources Development Secretariat will become an authority, and the Petroleum Resources Advisory Council, as well as the National Oil and Gas Company, will be established. The objective of establishing the Petroleum Development Authority in Sri Lanka, formulating a National Policy on the Petroleum Industry, and maximising the value of local petroleum resources through modern exploration, development, production, and management practices. Accordingly, the Petroleum Resources Act will provide solutions to the above problems and attract and encourage investors to start the petroleum industry in Sri Lanka.

Source: The Nation August 02, 2021 18:33 UTC