Petroleum Resources Act will come into effect from October 8

Speaker of Parliament, Mahinda Yapa Abeywardana endorsed the certificate on the Petroleum Resources Bill today October 8. The Bill was taken for debate in Parliament on the October 6 and it was passed without a vote.

The Bill seeks to establish the Petroleum Development Authority, to formulate a National Policy on the Emissions Petroleum Industry, and to enact provisions relating to the maximum economic value of local petroleum resources through modern exploration, development, production and management practices in Sri Lanka and related matters.

Accordingly, the Petroleum Resources Act No. 21 of 2021 will come into effect from October 8.