To ensure that all Sri Lankans benefit from the petroleum resources of the country by managing the industry in an equitable, safe and environmentally sustainable manner.
Design and monitor fiscal regimes that meet the country's evolving economic needs, matching them with a stable, efficient regulatory framework that attracts investment and encourages knowledge transfer, until the last economic reserves are produced.
The Petroleum Resources Development Secretariat (PRDS) was established under the Petroleum Resources Act, N0 26 of 2003. The mandate of the Secretariat includes discharge of such functions as are to be assigned to it from time to time, by the Cabinet of Ministers. The Secretariat shall also act for and on behalf of the State for all purposes related to Petroleum Resources Agreements entered into with the State. The PRDS has also been assigned much of the functions of the Petroleum Resources Development Committee which it is directed to assist through the Act.