Petroleum Resources Bill passed in Parliament

COLOMBO (News 1st); The new Petroleum Resources Bill was passed in Parliament with amendments on Wednesday (6).

The Government introduced the bill to facilitate the establishment of a Petroleum Development Authority and the formulation of a national policy on the upstream petroleum industry.

The new Bill will replace the Petroleum Resources Act of 2003 and will enable the regulation of domestic petroleum resources through modern exploration, development and management practices in Sri Lanka.