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2.2.4 Petroleum sub sector - Legal and institutional framework The hydrocarbon sector regulatory body falls under the responsibility of the Ministry of Natural Resources and the Environment (MNRE). The petroleum sector is governed by the Petroleum Act, Chapter 225 of 2000. Revised Edition 2000-2003 and the Petroleum Regulations. The Geology and Petroleum Department (GPD) is the Government agency responsible for the administration of the Petroleum Sector. The Inspector of Petroleum of the GPD is directly responsible for the administration of the Petroleum Sector under the Petroleum Act and Regulations. The Petroleum Act reserves the Government the right to extract hydrocarbons or to grant contracts to do so. Contracts are expedited by the Petroleum and Geology Department of the MNRE. If a contract is given to a foreign business to extract hydrocarbons in Belize, Belizean nationals must be trained with the purpose of substituting the original foreign personnel. Also, during the process of extraction, given similar conditions, Belizean goods and services must be purchased instead of foreign goods. This provision is not enforced. A contract holder, whether contractor or subcontractor, engaged in the extraction of hydrocarbons has the right to claim several tax exemptions provided by the Petroleum Act. In this respect no customs duties are to be paid for the importation of physical capital, no export tax on any product, or any additional import or export tax on household goods used by the working crew. The only tax to be paid is an income, i.e. corporate, tax. The exploitation of hydrocarbons in Belize is only in the exploratory phase; hence no public agency is in charge of regulating their importation or exportation. Petroleum contracts are issued to qualified petroleum companies to explore for and produce petroleum. The type of contract utilized in Belize is an exploration and production contract. The exploration period is for a total of 8 years and is divided into four renewable 2 year periods: an initial exploration period, a first renewal period, a second renewal period and a third renewal period. Each period expires at the end of the two years and the contractor must apply to the Minister for renewal. Renewal is automatically granted if the Contractor fulfilled its work and expenditure commitments. The period may not be renewed if the Contractor failed to fulfill its commitments. A performance bond equivalent to the expenditure commitments for the period is required for each period. Relinquishments of 25% of the original contract area are due at the end of each period. The production period is for a total of 25 years with provision to renew for an additional 25 years. The Petroleum Act, Chapter 225 does not consider the finite nature of petroleum therefore, and based on the data analysis it is possible to theorize that oil in Belize will be depleted by 2025 (See Figure 9). Based on these results it is urgent for Belize to develop a National Energy Policy (NEP) to protect oil production from running out. 13PDF Image | ENERGY POLICY ASSESMENT OF THE ENERGY SECTOR IN BELIZE
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