Commonwealth Consolidated Acts

OFFSHORE PETROLEUM (ROYALTY) ACT 2006 - SECT 12

    For the purposes of this Act, the value at the wellhead of any petroleum is:

  (a)   such amount as is agreed between:

  (i)   the registered holder of the petroleum exploration permit, petroleum retention lease or petroleum production licence ; and

  (ii)   the State Minister ; or

  (b)   if there is no agreement within such period as the State Minister allows--such amount as the State Minister determines to be that value.