157Minister may increase royalty rate to 10%

157 Minister may increase royalty rate to 10% (1) This section applies if a production licence provides that a royalty of less than 10% of the value of the petroleum at the well-head is to be paid in respect of petroleum extracted or recovered under the licence. (2) The Minister may vary the licence to provide that a royalty is to be paid under the licence at a rate of up to 10%. (3) The Minister must consult the Treasurer and the holder of the licence before varying the licence.