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Offshore Petroleum (Royalty) Act 2006
12Meaning of value
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12 Meaning of value
For the purposes of this Act, the value at the wellhead of any petroleum is: (a) such amount as is agreed between: (i) the registered holder of the petroleum exploration permit, petroleum retention lease or petroleum production licence; and (ii) the State Minister; or (b) if there is no agreement within such period as the State Minister allows—such amount as the State Minister determines to be that value.