Offshore Petroleum and Greenhouse Gas Storage Act 2010
55Unit development
Start here
Get a plain-English read of 55
Turn the raw legal text into a practical explanation grounded in Offshore Petroleum and Greenhouse Gas Storage Act 2010.
55 Unit development
(a) a petroleum pool is—
(i) partly in a petroleum production licence area; and
(ii) partly in another area (whether in the offshore area or not) in relation to which another person has authority (whether under this Act, the Commonwealth Act or under the law of another State or a Territory) to explore for or recover petroleum; and
(b) a unit development agreement in accordance with section 184 is in force between the licensee and that other person; and
(c) petroleum is recovered from that pool through a well or wells in the licence area, the other area or both—
there is taken to have been recovered in that licence area such proportion of all petroleum so recovered as is specified in, or determined in accordance with, the agreement.