The purpose of this Act is to regulate the exploration and recovery of petroleum resources in Sri Lanka.Ownership of all petroleum resources shall vest in the State. The Act provides for the establishment of the Petroleum Resources Development Committee (PRDC) and for its composition, powers and functions. In order to conduct petroleum operations one must enter into a Petroleum Resources Agreement with the State in respect of defined exploration blocks and in case the contractor shall discover petroleum resources the PRDC shall issue Development Licences for their recovery, storage, transportation and sale as provided for in the text. Other provisions include: functions of the Secretariat headed by the Direct-General of Petroleum Resources; fiscal provisions; and offences.