Petroleum Resources Bill to be passed early Sept
The Government on 27 July published the Petroleum Resources Bill, which will enable the establishment of the Petroleum Development Authority, the formulation of a National Policy on the Petroleum Industry, advanced Exploration and Development and maximise economic value from local petroleum resources through proper production and management practices.
Since the 1950s, oil and gas deposits have been found on the seafloor of Sri Lanka. The Mannar Basin alone is estimated to have $ 240 billion in oil and gas resources at the moment. However, even after nearly 70 years, it has been impossible to recover this valuable resource.
Minister of Energy, Udaya Gammanpila said in a statement that he had paid close attention to the matter and that one of the main reasons for foreign investors not coming to begin petroleum production in the country was the lack of a legal framework to protect such investors investments and a national policy on the petroleum industry.
“The Petroleum Resources Bill will address these issues while also attracting and encouraging investors to establish a petroleum industry in Sri Lanka. The Bill was available to the public on 27 July and is expected to be tabled in Parliament on 17 August and to the Parliamentary Consultative Committee on 18 August,” he said.
Following that, the Petroleum Resources Bill is expected to be passed in Parliament in early September, and once approved, the Petroleum Resources Development Secretariat, the Petroleum Resources Advisory Council, and the National Oil and Gas Company will be established.