sch.1-sec.11Processed oil shale

sch.1-sec.11 Processed oil shale

The royalty rate for the oil processed from oil shale is the lesser of the following— 10% of the value of the oil processed from the oil shale; the WTI%, rounded down to 2 decimal places, of the value of the oil processed from the oil shale. For subsection (1) (b) , the WTI% must be worked out using the following formula— where— CPI BASE is 61.2. CPI NOW is the CPI for the calendar quarter for which the royalty for oil shale is being worked out. WTI is the average crude oil price. In this section— average crude oil price means the last daily ‘West Texas Intermediate Cushing Crude Oil’ price— converted to Australian dollars at the hedge settlement rate for each day of trading in the calendar quarter for which the royalty payable for oil shale is being worked out; and averaged over the calendar quarter for which the royalty payable for oil shale is being worked out. CPI means the ‘Consumer Price Index: All Groups Index Numbers—Weighted Average of 8 Capital Cities’ published by the Australian Bureau of Statistics. For a calendar quarter— the CPI is 102.8 the WTI is $A105. The WTI%, worked out using the formula in subsection (2) , is 4.40%. Therefore, the royalty rate for the oil processed from the oil shale would be 4.40% of the oil’s value. (sch.1-sec.11-ssec.1) The royalty rate for the oil processed from oil shale is the lesser of the following— 10% of the value of the oil processed from the oil shale; the WTI%, rounded down to 2 decimal places, of the value of the oil processed from the oil shale. (sch.1-sec.11-ssec.2) For subsection (1) (b) , the WTI% must be worked out using the following formula— where— CPI BASE is 61.2. CPI NOW is the CPI for the calendar quarter for which the royalty for oil shale is being worked out. WTI is the average crude oil price. (sch.1-sec.11-ssec.3) In this section— average crude oil price means the last daily ‘West Texas Intermediate Cushing Crude Oil’ price— converted to Australian dollars at the hedge settlement rate for each day of trading in the calendar quarter for which the royalty payable for oil shale is being worked out; and averaged over the calendar quarter for which the royalty payable for oil shale is being worked out. CPI means the ‘Consumer Price Index: All Groups Index Numbers—Weighted Average of 8 Capital Cities’ published by the Australian Bureau of Statistics. For a calendar quarter— the CPI is 102.8 the WTI is $A105. The WTI%, worked out using the formula in subsection (2) , is 4.40%. Therefore, the royalty rate for the oil processed from the oil shale would be 4.40% of the oil’s value.

• (a) 10% of the value of the oil processed from the oil shale;
• (b) the WTI%, rounded down to 2 decimal places, of the value of the oil processed from the oil shale.
• (a) converted to Australian dollars at the hedge settlement rate for each day of trading in the calendar quarter for which the royalty payable for oil shale is being worked out; and