Commonwealth Numbered Acts Commonwealth Numbered Acts
No. 18, 2006
Contents
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 2
3............ Application of Chapter 1 of the Offshore Petroleum Act 2006.......... 2
4............ Definitions.......................................................................................... 2
5............ Imposition of royalty......................................................................... 3
6............ Rate of royalty—production licences................................................ 4
7............ Rate of royalty—exploration permit.................................................. 6
8............ Rate of royalty—retention lease........................................................ 6
9............ Reduction of royalty—potentially uneconomic wells....................... 7
10.......... Exemptions from royalty................................................................... 7
11.......... Meaning of wellhead........................................................................... 8
12.......... Meaning of value................................................................................ 8
13.......... Quantity of petroleum recovered....................................................... 8
14.......... Directions by Joint Authority............................................................ 9
15.......... Provisional payment of royalty......................................................... 9
16.......... Adjustment of payments of royalty................................................ 10
17.......... Transitional provisions..................................................................... 11
Schedule 1—Transitional provisions 12
1............ Definition.......................................................................................... 12
2............ Pre‑commencement royalty periods................................................. 12
3............ Transitional—eligible instruments.................................................... 12
4............ Transitional—royalty at the prescribed rate.................................... 13
5............ Transitional—rate of royalty........................................................... 13
6............ Re‑enactment of the Petroleum (Submerged Lands) (Royalty) Act 1967 14
Offshore Petroleum (Royalty) Act 2006
No. 18, 2006
An Act to impose a royalty on petroleum recovered from the North West Shelf, and for related purposes
Assented to 29 March 2006
The Parliament of Australia enacts: