PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 590 Imposition of petroleum royalty on petroleum producers

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 590

590 Imposition of petroleum royalty on petroleum producers

(1) A petroleum producer must pay the State petroleum royalty for petroleum that the producer produces.

(2) The petroleum royalty—

(a) must be paid on or before the time prescribed under a regulation; and

(b) is calculated in the way prescribed by regulation; and

(c) is payable at the rate prescribed by regulation.

(3) A regulation made under subsection (2) may prescribe different calculations and rates for different types of petroleum, different uses of petroleum and different periods.

(4) A regulation may provide for a participant in a joint venture, or other arrangement, involving the production of petroleum to be taken to be a petroleum producer for a royalty provision.

(5) This section is subject to any exemption under section 591 or 591A .