PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 148

PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 148

148 .         Payment of royalty and penalty for late payment

        (1)         Royalty under this Act in respect of petroleum or geothermal energy recovered during a royalty period is payable not later than the last day of the next succeeding royalty period.

        (2)         Where the amount of royalty under this Act is not paid as provided by subsection (1), there is payable to the Minister by the permittee, the holder of the drilling reservation, the lessee or the licensee an additional amount calculated at the rate of one third of one per centum per day upon the amount of royalty from time to time remaining unpaid, to be computed from the time when the royalty became payable until it is paid.

        (3)         An additional amount is not payable under subsection (2) in respect of any period before the expiration of 7 days after the value of the petroleum was agreed or determined under section 145.

        [Section 148 amended: No. 12 of 1990 s. 114; No. 78 of 1990 s. 7; No. 28 of 1994 s. 60; No. 35 of 2007 s. 82.]