Oil Law

Jan 26, 2013 (LBO) – Sri Lanka will update its petroleum exploration law to bring the rule in line with the latest international practices, information minister Keheliya Rambukwelle said. Amendments to Sri Lanka’s Petroleum Resources Act, No. 26 of 2003, have been approved by the cabinet of ministers, he said.

The changes proposed by President Mahinda Rajapaksa seeks to improve governance in the oil and gas industry and meet international standards, minister Rambukwelle said.

Cairn India is already exploring Sri Lanka’s first off-shore block and the firm has struck deposits of petroleum, though their commercial viability is not yet known.

A series of other blocks are due to be auctioned.