Petroleum (Submerged Lands) Act 1982

The Minister and a person who may request, or has requested, that a permit under section 26 or a licence under section 49 be granted to him may enter into an agreement in writing for or in relation to the payment, by instalments, of the amount to be paid in respect of the grant of the permit or licence, together with interest at the rate that is the specified rate from time to time on so much of that amount as from time to time remains unpaid.

For the purposes of subsection (1), the specified rate is ten per centum per annum or, if a lower rate is prescribed, that lower rate.

The period specified in an agreement under this section as the period within which an amount payable by instalments is to be paid shall not be greater than 21 years.

Where a person enters into an agreement under this section for or in relation to the payment of an amount in respect of the grant of a permit or licence, any instalment or interest that is due under the agreement and has not been paid is payable by the registered holder of the permit or licence, as the case may be.