sec.13Notification of revenue commissioner when persons involved in petroleum venture change

sec.13 Notification of revenue commissioner when persons involved in petroleum venture change

Subsection (2) applies if a person who is a member of an LNG project (the departing member ) stops being involved in the petroleum venture that constitutes the LNG project. Each petroleum producer who continues to be involved in the petroleum venture must, within 30 days after the departing member stops being involved in the venture, give the revenue commissioner a notice stating that the departing member has stopped being involved in the venture. Maximum penalty—100 penalty units. Subsection (4) applies if a person (the new participant ) starts being involved in a petroleum venture that constitutes an LNG project. Each petroleum producer, including the new participant if the new participant is a petroleum producer, who is involved in the petroleum venture must, within 30 days after the new participant starts being involved in the venture, give the revenue commissioner a notice stating that the new participant has started being involved in the venture. Maximum penalty—100 penalty units. A petroleum producer may give a notice under subsection (2) or (4) jointly with another petroleum producer. The revenue commissioner must, after receiving a notice under subsection (2) or (4) , make a decision about whether to amend or revoke— the determination of the LNG project; or the determination of the members of the LNG project. (sec.13-ssec.1) Subsection (2) applies if a person who is a member of an LNG project (the departing member ) stops being involved in the petroleum venture that constitutes the LNG project. (sec.13-ssec.2) Each petroleum producer who continues to be involved in the petroleum venture must, within 30 days after the departing member stops being involved in the venture, give the revenue commissioner a notice stating that the departing member has stopped being involved in the venture. Maximum penalty—100 penalty units. (sec.13-ssec.3) Subsection (4) applies if a person (the new participant ) starts being involved in a petroleum venture that constitutes an LNG project. (sec.13-ssec.4) Each petroleum producer, including the new participant if the new participant is a petroleum producer, who is involved in the petroleum venture must, within 30 days after the new participant starts being involved in the venture, give the revenue commissioner a notice stating that the new participant has started being involved in the venture. Maximum penalty—100 penalty units. (sec.13-ssec.5) A petroleum producer may give a notice under subsection (2) or (4) jointly with another petroleum producer. (sec.13-ssec.6) The revenue commissioner must, after receiving a notice under subsection (2) or (4) , make a decision about whether to amend or revoke— the determination of the LNG project; or the determination of the members of the LNG project.

• (a) the determination of the LNG project; or