Document ID: chunk:federal_register_of_legislation:C2008A00108:clause:1_13:p1
Version: federal_register_of_legislation:C2008A00108
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 1/2)
Character Range: 6860–9526

13  Application

Application of Schedule

(1) The amendments made by this Schedule apply in relation to condensate produced after midnight (by legal time in the Australian Capital Territory) on 13 May 2008.

Limited production areas

(2) Subsections 6(1A) to 6(1G) and 7(3A) of the Petroleum Excise (Prices) Act 1987 (as amended by this Act) do not apply in relation to condensate produced during the period:
 (a) beginning on the day on which this item commences; and
 (b) ending at the end of the third month that begins on or after the day on which this item commences.

Determination of interim VOLWARE prices

(2A) Subsections 7(2), (3) and (4) of the Petroleum Excise (Prices) Act 1987 apply, in relation to a prescribed condensate production area and the pre‑commencement period, as if those subsections were replaced with the following:

" (2) The Minister, or a person authorised by the Minister to exercise the Minister's powers under this section, must, not later than 2 months, or such longer period as the Minister allows, after the day on which Schedule 1 to the Excise Tariff Amendment (Condensate) Act 2008 commences, determine a price in relation to each month in the pre‑commencement period and an oil producing region, to be known as the interim VOLWARE price for that month and that region, being an estimate by the Minister or authorised person, on the basis of the information available to him or her at the time (being information obtained under section 6 or otherwise), of the amount that will finally be determined to be the volume weighted average of realised prices for that month and that region."

" (3) The Minister, or a person authorised by the Minister to exercise the Minister's powers under this section, must, not later than 6 months after the day on which an interim VOLWARE price is determined for a month in relation to an oil producing region, determine a price in relation to that month and that region, to be known as the final VOLWARE price for that month and that region, being the final determination by the Minister or authorised person of the volume weighted average of realised prices for that month and that region."

" (4) A determination of the final VOLWARE price for a month and an oil producing region must not be made unless:
 (a) the Minister or authorised person is satisfied that accurate and complete information concerning all of the transactions relevant to determining the price has become available to the Minister or authorised person; or
 (b) 5 months and 20 days have passed since the day on which an interim VOLWARE price was determined for that month and information that the Minister or authorised