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Petroleum Revenue Act 1985

Submitted by Richard_Li on
Distinguished Terms in this instrument
Term(s) Definition Defined in Legislation See Section(s)
agreement

includes:

(a) a lease; and

(b) an agreement as varied by an agreement or by agreements.

Petroleum Revenue Act 1985
market petroleum

means:

(a) petroleum in a form in which petroleum is commonly sold; or

(b) a product that is derived from petroleum and is of a kind that is commonly sold;

Petroleum Revenue Act 1985
petroleum

means:

(a) any naturally occurring hydrocarbon, whether in a gaseous, liquid, or solid state;

(b) any naturally occurring mixture of hydrocarbons, whether in a gaseous, liquid, or solid state; or

Petroleum Revenue Act 1985
prescribed petroleum

means:

(a) stabilised crude petroleum oil;

(b) liquid petroleum obtained from naturally occurring petroleum gas; or

Petroleum Revenue Act 1985
production source

means:

(a) a source of petroleum in a State (which, without limiting the generality of the foregoing, may be a production area within the meaning of section 5B of the

Excise Tariff Act 1921

); or

Petroleum Revenue Act 1985
production unit

means a production source together with the plant and facilities (wherever situated) used in, or in relation to, the production of market petroleum from that source (other than plant and facilities used in, or in relation to, the refining or transport of market petroleum).

Petroleum Revenue Act 1985
relevant resource rent royalty agreement

means a resource rent royalty agreement described in Schedule 1.

Petroleum Revenue Act 1985
relevant revenue‐sharing agreement

means a revenue‐sharing agreement described in Schedule 2.

(2) For the purposes of this Act:

Petroleum Revenue Act 1985

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