Section 1 Vesting of undeveloped petroleum in the Ministry of Commerce.

Subject to the provisions of this Act, the property in petroleum existing in its natural condition in strata in Northern Ireland is hereby vested in the Ministry of Commerce (in this Act referred to as “the Ministry” ).

Subsection (1) shall not apply to any petroleum which vested in the Ministry by virtue of section 6 of and Schedule 1 to, the Minerals (Miscellaneous Provisions) Act (Northern Ireland) 1959 1959 c.17 (in this Act referred to as “the Act of 1959” ).

Without prejudice to its powers to grant licences under section 2, the Ministry shall have the exclusive right of searching and boring for and getting the petroleum vested in it under subsection (1) or by virtue of the provisions of the Act of 1959 referred to in subsection (2) …F1.

In subsection (1) “strata in Northern Ireland” includes strata beneath the internal waters adjacent to Northern Ireland, but does not include strata beneath the territorial sea of the United Kingdom adjacent to Northern Ireland.