Offshore Petroleum and Greenhouse Gas Storage Act 2010
685Fees for petroleum retention leases
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685 Fees for petroleum retention leases
S. 685(1) amended by No. 74/2012 s. 15(1).
(1) A petroleum retention lessee must pay to the Minister a fee calculated in accordance with the regulations in respect of each year of the term of a petroleum retention lease held by the lessee.
S. 685(2) amended by No. 74/2012 s. 15(2).
(2) The fee for the first year of the term of the petroleum retention lease is due and payable at the end of 30 days after the day on which the term of the lease begins (the first payment day).
S. 685(3) amended by No. 74/2012 s. 15(2).
(3) The fee for a later year of the term of the petroleum retention lease is due and payable at the end of 30 days after the anniversary of the day on which the first year of the term of the lease begins.