PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 41

PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 41

41—Determination of rate of royalty

        (1)         Where an application for a primary licence has been made and, before or after the grant of the primary licence, the applicant makes an application for a secondary licence, the Minister shall determine a rate at which royalty is to be payable in respect of petroleum recovered, whether under the primary licence or under the secondary licence, being a rate that is not less than 11 per centum or more than 12½ per centum of the value at the well-head of that petroleum.

        (2)         The Minister shall not, under subsection (1), determine the rate at which royalty is to be payable unless he has given to the applicant an opportunity to confer with him concerning that rate.