Conditions of contract

(1) Subject to the other provisions of this Act and to any other condition as may be specified in a contract, a contractor shall be entitled for the duration of such contract to the exclusive right to carry out petroleum operations in a contract area; to freely lift, dispose of and export the petroleum to 14 which he is entitled under such contract; and to such other rights as are provided in such contract. (2) Except as may otherwise be provided in a contract, the contractor shall take upon himself all the risks inherent in petroleum operations and shall commit himself to supply exclusively for his account, the technology, capital, equipment, machinery and all other investments required for petroleum operations in the contract area, Provided that, (i) in the fulfilment of this obligation the contractor shall not have recourse to credit facilities available from banks or financial institutions, companies or enterprises operating in Belize; and (ii) in the case of termination of a contract due to non-discovery of petroleum, the Government shall not be obliged to make any reimbursement to the contractor with respect to the investments made.