(1) There is established by this Act, a body to be known as the National Petroleum Authority.

(2) The Authority is a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.

(3) The Authority may for the performance of its functions acquire and hold movable or immovable property and may enter into a contract or any other transaction.

(4) Where there is hindrance to the acquisition of property, the property may be acquired for the Authority under the State Property and Contracts Act 1960 (C.A.6) or the State Lands Act 1962 (Act 125) and the costs shall be borne by the Authority.