157
In forceMinister may increase royalty rate to 10%
Part 10Royalties and rent
157 Minister may increase royalty rate to 10%
(1)
This section applies if a production licence provides that a royalty of less than 10% of the value of the petroleum at the well-head is to be paid in respect of petroleum extracted or recovered under the licence.
(2)
The Minister may vary the licence to provide that a royalty is to be paid under the licence at a rate of up to 10%.
(3)
The Minister must consult the Treasurer and the holder of the licence before varying the licence.
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