sec.5Definitions for part

sec.5 Definitions for part

In this part— average hedge settlement rate , for a royalty return period, means the average, worked out for the royalty return period, of the hedge settlement rates for each day in the royalty return period. domestic gas see section 6 . gas means petroleum in a gaseous state at standard temperature and pressure. hedge settlement rate , for a day, means the WM/Reuters Australian Fix 10.00a.m. rate on the day. independent buyer , in relation to a petroleum producer or a reseller for the producer, means a person who is not a relevant entity for the producer. liquid petroleum see section 9 . LNG means liquefied natural gas. LNG project means an LNG project under a determination of the revenue commissioner under section 10 . LNG project buyer , in relation to a petroleum producer or a reseller for the producer, means a person who the producer or reseller knows is a member of an LNG project because— the person has, under section 12 (2) , given the producer or the reseller a notice stating that the person is a member of the LNG project; or the revenue commissioner has, under section 12 (4) , told the producer or the reseller that the person is a member of the LNG project. member , of an LNG project, means a member of an LNG project under a determination of the revenue commissioner under section 10 . oil means petroleum in a liquid state. project gas see section 8 . standard temperature and pressure means an absolute pressure of 101.325kPa at a temperature of 15ºC. supply gas see section 7 . To remove any doubt, it is declared that, for this part, a reference to a petroleum producer includes a participant in a joint venture, or other arrangement, involving the production of petroleum who is taken to be a petroleum producer under section 590 (4) of the Act . (sec.5-ssec.1) In this part— average hedge settlement rate , for a royalty return period, means the average, worked out for the royalty return period, of the hedge settlement rates for each day in the royalty return period. domestic gas see section 6 . gas means petroleum in a gaseous state at standard temperature and pressure. hedge settlement rate , for a day, means the WM/Reuters Australian Fix 10.00a.m. rate on the day. independent buyer , in relation to a petroleum producer or a reseller for the producer, means a person who is not a relevant entity for the producer. liquid petroleum see section 9 . LNG means liquefied natural gas. LNG project means an LNG project under a determination of the revenue commissioner under section 10 . LNG project buyer , in relation to a petroleum producer or a reseller for the producer, means a person who the producer or reseller knows is a member of an LNG project because— the person has, under section 12 (2) , given the producer or the reseller a notice stating that the person is a member of the LNG project; or the revenue commissioner has, under section 12 (4) , told the producer or the reseller that the person is a member of the LNG project. member , of an LNG project, means a member of an LNG project under a determination of the revenue commissioner under section 10 . oil means petroleum in a liquid state. project gas see section 8 . standard temperature and pressure means an absolute pressure of 101.325kPa at a temperature of 15ºC. supply gas see section 7 . (sec.5-ssec.2) To remove any doubt, it is declared that, for this part, a reference to a petroleum producer includes a participant in a joint venture, or other arrangement, involving the production of petroleum who is taken to be a petroleum producer under section 590 (4) of the Act .