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Section 156 - Petroleum Act 1998 - Minister may vary royalty — Zoe

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Petroleum Act 1998

156Minister may vary royalty

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156 Minister may vary royalty (1) On the application of the holder of a production licence or a person who has applied for a production licence, the Minister may— (a) vary the royalty rate specified (or to be specified) in the licence; or (b) provide that a different method of collecting revenue on any petroleum extracted or recovered under the licence is to apply. (2) The Minister must consult the Treasurer before varying the licence, or proposed licence, under subsection (1)(a) or (b).

Previous section155Circumstances in which royalty is not payable Next section157Minister may increase royalty rate to 10%