Victorian Consolidated Legislation

Petroleum (Submerged Lands) Act 1982 - SECT 42

Determination of rate of royalty

42. 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 121/2 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 the Minister has given to the applicant an
opportunity to confer with the Minister concerning that rate.