July 13, 2013 (LBO) – Sri Lanka is revamping its petroleum exploration law to provide better investor protection and to clearly separate regulatory and upstream activities, a top official said. Wickramasuriya told a business forum ahead of a bidding round that is to close in November that since the existing law which was drafted in 2003 a working petroleum industry has started with Cairn Lanka sinking exploration wells and finding gas.
There are also likely to be changes to the fiscal regime, he said.
Saliya Wickramasuriya, head of Sri Lanka’s Petroleum Resources Development Secretariat said the draft law is now with the island’s attorney general’s office. It still needs approval by the cabinet of ministers and parliament.