Title to petroleum

(1) The entire property in and control over all petroleum and accompanying substances, in whatever physical state located on or under the territory of Belize or in areas of the Continental Shelf in which rights of exploration and exploitation are exercisable by Belize are hereby vested exclusively in the Government of Belize. 9 (2) Notwithstanding the provisions of subsection (1) of this section, a contract may provide for a contractor to acquire property in, title to, or control over any petroleum within Belize. (3) Subject to section 31, the provisions of subsections (1) and (2) of this section, shall have effect notwithstanding any rights which any person may possess in or over the soil on or under which petroleum is discovered.