The Petroleum Development Authority of Sri Lanka (PDASL) was established on 08th October 2021 under the Petroleum Resources Act No. 21 of 2021, following the repeal of the Petroleum Resources Act No. 26 of 2003. Operating under the Ministry of Energy, PDASL serves as the independent national regulator for the regulation of all petroleum exploration, development, and production operations and management of all petroleum resources in Sri Lanka.

PDASL is governed by a Board of Directors committed to ensuring that the nation's hydrocarbon resources are managed with the highest standards of integrity through a comprehensive mandate that includes policy formulation, acreage licensing, investment promotion, contract management, and petroleum data stewardship. By enforcing high standards for health, safety, environmental compliance, and operational integrity, the Authority aims to transform Sri Lanka's petroleum potential into sustainable national wealth, fostering transparency and attracting global investment to secure the nation's energy future.