New Petroleum Resources Act

Disna Mudalige

The government will establish an Authority to operate all state institutions related to petroleum under one umbrella, Mass Media and Information Minister Keheliya Rambukwella said.

Addressing the Cabinet press briefing at the ministry auditorium yesterday, the minister said the decision making pertaining to the institutions related to petroleum industry would be done by the Authority to be established.

He said the aim of this new Authority is to streamline the operation of all institutions in the petroleum industry, considering there had been instances in the past where these institutions had taken decisions clashing with each other.

The minister said Cabinet approval was granted to introduce a new Petroleum Resources Act on a proposal by President Mahinda Rajapaksa.

He said accordingly, the existing Petroleum Resources Act No.26 of 2003 would be repealed.

The minister said the legal draftsman was instructed to prepare a new Bill for the exploration, production, management and regulation of petroleum resources in Sri Lanka in keeping with the present day needs of the country.

He said the Authority would be established through the new Bill.