Document ID: chunk:federal_register_of_legislation:C2016C00402:section:7
Version: federal_register_of_legislation:C2016C00402
Segment Type: section
Provision Reference: s 7
Character Range: 11047–11681

7  Rate of royalty—petroleum exploration permit
 (1) The rate of royalty on petroleum recovered under a petroleum exploration permit is 10% of the value at the wellhead of the petroleum.

Royalty at the prescribed rate
 (2) A reference in a petroleum exploration permit (whether granted before or after the commencement of this subsection) to:
 (a) royalty at the prescribed rate; or
 (b) royalty at the rate that is for the time being the prescribed rate;
is to be read as a reference to royalty at the rate that is or was the rate of royalty applicable in accordance with the provisions of this Act, as in force from time to time.