Press briefing of Cabinet Decision taken on 2021-01-25

Enacting a new Petroleum Resources Development Act

- Even though the Petroleum Resources Development Act, No.26 of 2003 has widely identified the requirement of local Petroleum and gas exploration and developing production industry, it has been observed that those sectors have not been interpreted properly for its management. Accordingly, during the deliberations held with the relevant parties, it was identified the necessity of revoking the said Act and formulating a new Act to differentiate the required interpretations, regulations, policy and national operator. As such, the proposal made by the Minister of Energy, to revoke the Petroleum Resources Development Act, No.26 of 2003 and to draft a new Act, was approved by the Cabinet.