Document ID: chunk:federal_register_of_legislation:C2004A04045:section:1990:p2
Version: federal_register_of_legislation:C2004A04045
Segment Type: section
Provision Reference: s 1990 (pt 2/4)
Character Range: 2509–5204

inserting in subsection (1) the following definitions:

  " 'oil producing region' means:

      (a) a production area within the meaning of section 5b of the Excise Tariff Act 1921, being an area from which stabilised crude petroleum oil is obtained and that is prescribed by the regulations as an oil producing region; or

      (b) 2 or more production areas within the meaning of that section from which stabilised crude petroleum oil is obtained, being areas that are together so prescribed;

  'VOLWARE commencement date' in relation to excisable crude petroleum oil obtained from an oil producing region means the date prescribed by the regulations as the date after which final VOLWARE prices and interim VOLWARE prices for each

     month are calculated in relation to that oil, not being a date earlier than 31 December 1987;";

  (k) by inserting after subsection (1) the following subsections:

     "(1a) Regulations prescribing a production area or production areas as an oil producing region may be expressed to have had effect from 1 January 1988 or from any later day, including a day occurring before the making of the regulations, that is specified in the regulations.

     "(1b) Where a production area or production areas are prescribed as an oil producing region with effect from 1 January 1988 or any later day and, after that day, another production area is discovered, the regulations may provide that, with effect from the date of that discovery, the oil producing region is taken to include the production area so discovered.".

(2) Where regulations are made under the Principal Act as amended by this Act prescribing a production area or production areas as an oil producing region with effect from 1 January 1988 or including an additional production area in such a region:

     (a) a determination of a reference price in respect of a month commencing after 31 December 1987 under section 5 of the Prices Act as in force from time to time; or

     (b) a determination of an interim VOLWARE price, or a final VOLWARE price, in respect of such a month under section 7 of that Act as so in force;

being a determination made before the making of those regulations, is taken, for the purposes of the Principal Act as amended by this Act, to be, and at all material times to have been, a determination of that price in respect of that month and that region.

(3) Where regulations are made under the Principal Act as amended by this Act prescribing a production area or production areas as an oil producing region with effect from 1 January 1988 or including an additional production area in such a region, regulations made under subsection 5 (3) of the Prices Act