Petroleum and Other Minerals Development Act, 1960

Vesting of other petroleum in the Minister.

5.—(1) On the operative date, the property in all petroleum which is not State petroleum shall vest in the Minister and his successors.

(2) Compensation shall be payable by the Minister in respect of all petroleum vested in the Minister and his successors by subsection (1) of this section, and the provisions of Chapter VI of this Part shall apply in respect of such compensation.