Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_4a
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 4A
Character Range: 92904–95213

4A  Holding an interest—petroleum project

Petroleum projects generally
 (1) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in relation to a petroleum project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from:
 (a) if the time is a time after the production licence in relation to the project came into force—the production licence area in relation to the project; or
 (b) if the time is a time before the production licence in relation to the project came into force—a pre‑licence area in relation to the production licence.
 (2) However, subsection (1) does not apply if the project is a combined project, the Bass Strait project or the North West Shelf project.

Combined projects
 (3) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in relation to a combined project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from:
 (a) if the time is a time after the project combination certificate came into force—the production licence areas in relation to the project; or
 (b) if the time is:
 (i) a time before the project combination certificate came into force; and
 (ii) a time after the earliest of the production licences in relation to the pre‑combination projects came into force;
  one or more of the production licence areas in relation to the pre‑combination projects; or
 (c) if the time is a time before the earliest of the production licences in relation to the pre‑combination projects came into force—the earliest pre‑licence area to arise in relation to any of the pre‑combination projects.

The Bass Strait project and the North West Shelf project
 (4) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in relation to:
 (a) the Bass Strait project; or
 (b) the North West Shelf project;
if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from the production licence areas in relation to that project.