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Petroleum and Gas (Royalty) Regulation 2021
sec.47Definitions for division
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sec.47 Definitions for division
In this division— amount , of petroleum produced under a joint venture tenure, includes a percentage or proportion of petroleum produced under the tenure. election period , for a joint venture tenure, means the period for which a non-tenure holder is taken to be a petroleum producer, in relation to an amount of petroleum produced under the joint venture tenure, for a royalty provision. joint venture tenure see section 48 (1) (b) . non-tenure holder see section 48 (1) (a) . tenure holder see section 48 (1) (b) .