This Act regulates the exploration, prospecting and mining for petroleum. The entire ownership of any petroleum extracted from any State Land shall vest in the holder of mineral rights (sect. 2). Section 3 provides for restrictions on prospecting for, or mining of petroleum. The Government may invite persons to bid for a petroleum mining Agreement in respect of any Onshore State Land or Offshore State Land (sect. 4). Sections 8 and 10 deal with matters related to areas and forms of agreement, an