Northern Territory Consolidated Acts

PETROLEUM (SUBMERGED LANDS) ACT - SECT 129

The Treasurer shall, not later than the last day of each month of the year, pay to the Commonwealth, from the public moneys of the Territory amounts ascertained in accordance with the formula:
4 A

B

where:

A     is the amount of royalty payable under this Act, together with the amount, if any, payable under this Act by reason of late payment of that royalty, by a permittee, lessee or licensee in respect of petroleum recovered in the adjacent area under the permit, lease or licence and received by the Minister during the preceding month; and

B     is the percentage rate at which royalty is payable under this Act by the permittee, lessee or licensee in respect of that petroleum,

and the appropriation for that purpose is established or increased to the extent necessary.