5BPetroleum

#### 5B Petroleum (1) In this section: > petroleum means petroleum oil or petroleum gas and includes condensate or liquid petroleum gas. > prescribed petroleum means petroleum other than stabilized oil. > production area means: (a) a prescribed production area within the meaning of section 6B; or (b) a prescribed new production area within the meaning of section 6C; or (ba) a prescribed condensate production area within the meaning of section 6CA; or (c) a prescribed intermediate production area within the meaning of section 6D. > stabilized oil means stabilized crude petroleum oil. (2) Subject to subsections (3) and (3A), for the purposes of this Act, where a mixing of 2 or more kinds of petroleum has occurred and the resulting mixture takes on the essential character of petroleum of one of those kinds (in this subsection referred to as petroleum of the principal kind), the petroleum in the mixture shall be deemed to be petroleum of the principal kind. (3) For the purposes of this Act, where a person enters for home consumption a mixture of, or obtained from, stabilized oil and prescribed petroleum (other than condensate), the petroleum in the mixture shall be deemed to be stabilized oil. > Note: A mixture of, or obtained from, stabilized oil and condensate is covered by subsection (2). (3A) For the purposes of this Act, if a person enters for home consumption a mixture of, or obtained from, condensate and prescribed petroleum, the petroleum in the mixture is taken to be condensate. > Note: A mixture of, or obtained from, stabilized oil and condensate is covered by subsection (2). (4) For the purposes of this Act, where stabilized oil or condensate is obtained from prescribed petroleum produced from a particular production area, that oil or condensate (as the case requires) shall be taken to have been produced from that production area. (4A) For the purposes of this Act, where stabilized oil or condensate is obtained from prescribed petroleum produced from a Resource Rent Tax area, that oil or condensate (as the case requires) shall be taken to have been produced from that area. (5) For the purposes of this Act, where a quantity of stabilized oil consists of oil obtained from prescribed petroleum produced from different production areas: (a) the prescribed petroleum produced from each of those production areas shall be deemed to have resulted in the production of a discrete part of that quantity of stabilized oil; and (b) the part of that quantity of stabilized oil that is to be taken to have been obtained from prescribed petroleum produced from such a production area is so much of that quantity of stabilized oil as bears to that quantity the same proportion as the quantity of prescribed petroleum produced from that production area bears to the total quantity of prescribed petroleum produced from all the production areas from which that quantity of stabilized oil was so obtained.