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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka to bring new petroleum exploration law, regulator

Sri Lanka to bring new petroleum exploration law, regulator

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Apr 18, 2013 (LBO) - Sri Lanka will introduce a new law on oil exploration and incorporate a separate entity to regulate upstream petroleum activities, minister Keheliya Rambukwelle said.

Sri Lanka's Petroleum Resources Development Secretariat will be incorporated into an independent regulatory body with responsibility to prepare government policy on petroleum exploration and production.

It will also regulate and manage upstream petroleum activities.

Minister Rambukwelle said the government was earlier planning to amend a 2003 law but the legal draftsman had recommended that a completely new law be drafted due to the scope of changes that were required.

The law will incorporate the latest international developments in petroleum resources regulation.http://www.lankabusinessonline.com/news/Sri_Lanka_to_bring_new_petroleum_exploration_law,_regulator/273099617

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