PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 148A

PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 148A

148A—Provisional payment of royalty

        (1)         Where, in relation to petroleum recovered during a royalty period, the value of the petroleum has not been agreed or determined under section 146, the Minister may determine a provisional value.

        (2)         Where—

            (a)         a provisional value of any petroleum has been determined under subsection (1); and

            (b)         the value of that petroleum has not yet been agreed or determined under section 146,

this Act operates in relation to that petroleum as if—

            (c)         the provisional value of the petroleum were its value; and

            (d)         the determination of the provisional value were an agreement or determination under section 146.