Petroleum Regulations.

These Regulations implement provisions of the Petroleum Act and regulate various aspects relative to exploration and exploitation of petroleum resources including but not limited to: environment and pollution control, drilling practices, reporting on activities, application for exploration or exploitation licenses, bidding, etc. The Minister shall appoint an environmental pollution control board to ensure that all petroleum operations comply with the requirements of environmental standards and the relevant laws of Belize at an appropriate time as he deems fit. The Minister may provide in a contract such reasonable considerations for establishment of a common fund to which the contractor(s) would contribute, to be held in trust and managed for the sole purpose of indemnification against any or all environmental damage(s) caused during petroleum operations.