Petroleum Act.

The Act provides for various aspects of petroleum exploration.
The Act consists of 41 sections divided into 7 Parts: Preliminary (I); Administration (II); Grant of Rights to Conduct Petroleum Operations (III); Type and Nature of Contracts (IV); Areas of Operation and Surface Rights (V); Government revenues (VI); General provisions (VII).
The Minister may designate an Inspector of Petroleum for the administration of this Act (sect. 4). The Inspector shall maintain a register relative to petroleum exploitation contracts pursuant to section 4. Sections 8 to 15 concern grant of rights to conduct operations related to the exploration, development, extraction, production, field separation, transportation, storage, sale or disposal of petroleum. The Minister may declare certain areas of Belize to be closed to some or all petroleum operations (sect. 25). Section 26 places restrictions on rights of contractors. Contracts may provide for arbitration of disputes arising between the Government and the contractor in accordance with the provisions of the Arbitration Act or with rules issued and administered by recognized international bodies.