PETROLEUM ACT 1998 - SECT 152 How value to be determined

PETROLEUM ACT 1998 - SECT 152

The value at the well-head of any petroleum is the amount that the petroleum could reasonably be expected to realise if sold to a genuine purchaser less all expenses incurred, or to be incurred, by the holder of the licence under which the petroleum was extracted or recovered in treating, processing or refining the petroleum before delivering it for sale and in conveying the petroleum to the point of delivery to the purchaser.