PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 138
PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 138
138 . Licence fees
(1) There is payable
to the Minister by a licensee, in respect of each year of the term of the
licence, a fee calculated at the prescribed rate for each of the blocks to
which the licence relates at the commencement of that year.
(2) The Minister may,
on application made by a licensee, for reasons the Minister thinks sufficient,
by notice in writing reduce or waive the fee payable under subsection (1).
(3) A reduction or
waiver of a fee under subsection (2) may apply for an indefinite period of
time or for a limited period specified in the notice and may apply subject to
such conditions as the Minister specifies in the notice.
[Section 138 amended: No. 69 of 1981 s. 34; No. 12
of 1990 s. 105; No. 28 of 1994 s. 56.]