Jan 26, Colombo: Sri Lanka will make amendments to its Petroleum Resources Act No. 26 of 2003 to conform to the international standards in the petroleum industry.
The petroleum industry laws will be amended to meet the required standards of global expectations of the petroleum Industry, the Government said.
The amended act will also introduce principles of good governance into Sri Lanka's Oil and Gas industry.
The Cabinet has approved the proposal to amend the Petroleum Act forwarded by President Mahinda Rajapaksa.
Sri Lanka launched the exploration of the northwestern Mannar sea bed for oil in 2008 and gave the top block, Block 1, of the eight blocks identified by seismic studies as viable oil resources to Cairn India for drilling.
Cairn Lanka, subsidiary of Cairn India discovered gas and liquid hydrocarbons deposits in two of the three wells drilled in 2011and the company is set to launch its second phase of operations this year.
Sri Lanka has decided to expand the oil exploration activities from Mannar to Galle in the South this year.