• It overseas upstream petroleum development

By Kelum Bandara

Sri Lanka Petroleum Development Authority (SLPDA), the newest state institution, was commissioned yesterday for the supervision, regulation and development of the upstream petroleum sector. 

It was set up in terms of the recently introduced Petroleum Resources Development Act. It has been assigned to make recommendations on the upstream development of the sector and implementation of the provisions of the Act.

The subject minister has issued regulations under the Act stipulating qualifications of the officials of the SLPDA. Petroleum industry expert Saliya Wickramasuriya has been appointed its chairman. Another expert in the field, Surath Owitigama is its Director-General. Energy Minister Udaya Gammanpila who made remarks at the function to mark it said the SLPDA would bring hopes for Sri Lanka reeling under the foreign exchange crisis.

“We have to bear in mind one thing. Oil was discovered in some countries in Africa and Latin America. But these countries did not become rich. Instead, politicians and bureaucrats became wealthy. We have established this institution to make sure that such a fate will not befall Sri Lanka,” he said.  

• We have to bear in mind one thing. Oil was discovered in some countries in Africa and Latin America. But these countries did not become rich. Instead, politicians and bureaucrats became wealthy