5
CurrentApplication of sections 148A and 148B
Schedule 6Petroleum (Submerged Lands) (Miscellaneous) Amendment Act 1994—Transitional provisions
5 Application of sections 148A and 148B
(1)
Subject to subclause (2), sections 148A and 148B apply in relation to petroleum recovered during a royalty period commencing on or after the date of commencement of those sections.
(2)
Sections 148A and 148B apply in relation to petroleum recovered during a royalty period that commenced before the commencement of those sections if, at the commencement of those sections, the value of the petroleum had not been agreed or determined under section 146.
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