PETROLEUM ACT 1998 - SECT 156 Minister may vary royalty

PETROLEUM ACT 1998 - SECT 156

    (1)     On the application of the holder of a production licence or a person who has applied for a production licence, the Minister may—

        (a)     vary the royalty rate specified (or to be specified) in the licence; or

        (b)     provide that a different method of collecting revenue on any petroleum extracted or recovered under the licence is to apply.

    (2)     The Minister must consult the Treasurer before varying the licence, or proposed licence, under subsection (1)(a) or (b).