Commencement of royalty
7 Commencement of royalty
(1) A royalty is payable under this Act on petroleum produced from a project area as follows:
(a) in the case of petroleum to which a royalty agreement applied immediately before 1 July 2023 – on and from the day the royalty agreement is terminated;
(b) in the case of petroleum to which a determination, made by the Minister under section 84(2) of the Petroleum Act 1984, applied immediately before 1 July 2023 – on and from the day the determination ends;
in any other case – on and from 1 July 2023.
In this section:
royalty agreement means an agreement that:
(a) was made between a licensee and the Minister under section 84(2) of the Petroleum Act 1984; and
was in force before 1 July 2023; and
(c) is about the gross value of petroleum produced from a licence area.
This Act’s bill:Explanatory statementSecond reading speech
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