Document ID: chunk:federal_register_of_legislation:C2016C00402:section:5
Version: federal_register_of_legislation:C2016C00402
Segment Type: section
Provision Reference: s 5
Character Range: 9182–11047

5                petroleum recovered under a petroleum production licence granted by way of renewal                                                                                                                                              the percentage that would be the rate of royalty if the renewed licence were the continuation in force of the previous licence

Application for secondary petroleum production licence—determination of rate of royalty
 (2) If:
 (a) a person has applied for a primary petroleum production licence; and
 (b) before or after the grant of the primary petroleum production licence, the person applies for a secondary petroleum production licence;
the Joint Authority must, by written instrument, determine the rate of royalty payable in relation to petroleum recovered, whether under the primary petroleum production licence or under the secondary petroleum production licence.
 (3) The rate must not be less than 11%, nor more than 12.5%, of the value at the wellhead of that petroleum.
 (4) Before determining the rate of royalty payable, the Joint Authority must:
 (a) give the person an opportunity to confer with the State Minister about the rate; and
 (b) give the State Minister an opportunity to report to the Joint Authority about any such conferring; and
 (c) consider the State Minister's report.
 (5) A determination under subsection (2) is not a legislative instrument.

Royalty at the prescribed rate
 (6) A reference in a petroleum production licence (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.