sec.10Revenue commissioner may make determination that petroleum venture is LNG project

sec.10 Revenue commissioner may make determination that petroleum venture is LNG project

This section applies if the revenue commissioner believes a petroleum venture exists between— 1 or more petroleum producers; and 1 or more other persons each of whom is a relevant entity for a petroleum producer mentioned in paragraph (a) . The revenue commissioner may make a determination that the petroleum venture is an LNG project. If the revenue commissioner makes a determination under subsection (2) , the revenue commissioner must also make a determination of who are the members of the LNG project. The revenue commissioner must give each person who is a member of the LNG project notice of the determinations under subsections (2) and (3) . The notice must include the following information— a description of the petroleum venture that constitutes the LNG project; the names of the members of the LNG project; the names of the petroleum producers who are members of the LNG project; the petroleum tenures under which petroleum is produced for the LNG project. A determination under subsection (2) or (3) takes effect on the day stated in the notice. The revenue commissioner may amend or revoke a determination made under subsection (2) or (3) by notice given to each person who is, or was before the amendment or revocation, a member of the LNG project. An amendment or revocation under subsection (7) takes effect on the day stated in the notice. For subsections (6) and (8) , the day stated in the notice may be a day before the day on which the revenue commissioner makes, amends or revokes the determination. In this section— petroleum venture means a joint venture or other arrangement involving— the production of gas for the purpose of converting the gas into LNG; and the processing, transportation, storage, conversion, sale or purchase of the gas or LNG mentioned in paragraph (a) . (sec.10-ssec.1) This section applies if the revenue commissioner believes a petroleum venture exists between— 1 or more petroleum producers; and 1 or more other persons each of whom is a relevant entity for a petroleum producer mentioned in paragraph (a) . (sec.10-ssec.2) The revenue commissioner may make a determination that the petroleum venture is an LNG project. (sec.10-ssec.3) If the revenue commissioner makes a determination under subsection (2) , the revenue commissioner must also make a determination of who are the members of the LNG project. (sec.10-ssec.4) The revenue commissioner must give each person who is a member of the LNG project notice of the determinations under subsections (2) and (3) . (sec.10-ssec.5) The notice must include the following information— a description of the petroleum venture that constitutes the LNG project; the names of the members of the LNG project; the names of the petroleum producers who are members of the LNG project; the petroleum tenures under which petroleum is produced for the LNG project. (sec.10-ssec.6) A determination under subsection (2) or (3) takes effect on the day stated in the notice. (sec.10-ssec.7) The revenue commissioner may amend or revoke a determination made under subsection (2) or (3) by notice given to each person who is, or was before the amendment or revocation, a member of the LNG project. (sec.10-ssec.8) An amendment or revocation under subsection (7) takes effect on the day stated in the notice. (sec.10-ssec.9) For subsections (6) and (8) , the day stated in the notice may be a day before the day on which the revenue commissioner makes, amends or revokes the determination. (sec.10-ssec.10) In this section— petroleum venture means a joint venture or other arrangement involving— the production of gas for the purpose of converting the gas into LNG; and the processing, transportation, storage, conversion, sale or purchase of the gas or LNG mentioned in paragraph (a) .