Offshore Petroleum and Greenhouse Gas Storage Act 2010
690Royalty for petroleum
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690 Royalty for petroleum
(1) A petroleum exploration permittee must, subject to this Division, pay to the Minister royalty at the prescribed rate in respect of all petroleum recovered by the permittee in the petroleum exploration permit area.
(2) A petroleum retention lessee must, subject to this Division, pay to the Minister royalty at the prescribed rate in respect of all petroleum recovered by the lessee in the petroleum retention lease area.
(3) A petroleum production licensee must, subject to this Division, pay to the Minister royalty at the prescribed rate in respect of all petroleum recovered by the licensee in the petroleum production licence area.
(4) Subject to this Division, the prescribed rate in respect of petroleum recovered under a petroleum exploration permit, petroleum retention lease or petroleum production licence is 10% of the value at the wellhead of the petroleum.