Petroleum and Gas (Royalty) Regulation 2021
sec.78Undecided application by petroleum producer of liquid petroleum to end election for benchmark price to apply
Start here
Get a plain-English read of sec.78
Turn the raw legal text into a practical explanation grounded in Petroleum and Gas (Royalty) Regulation 2021.
sec.78 Undecided application by petroleum producer of liquid petroleum to end election for benchmark price to apply
This section applies if— a petroleum producer made an application under section 148M(5) of the expired regulation to end an election made under section 148M(3) of the expired regulation; and immediately before the commencement, the application had not been decided. The application is taken to have been made under section 32(5). If the revenue commissioner decides to end the election under section 32(6), the day stated in the notice under section 32(8) may be a day before the commencement. (sec.78-ssec.1) This section applies if— a petroleum producer made an application under section 148M(5) of the expired regulation to end an election made under section 148M(3) of the expired regulation; and immediately before the commencement, the application had not been decided. (sec.78-ssec.2) The application is taken to have been made under section 32(5). (sec.78-ssec.3) If the revenue commissioner decides to end the election under section 32(6), the day stated in the notice under section 32(8) may be a day before the commencement.
- (a) a petroleum producer made an application under section 148M(5) of the expired regulation to end an election made under section 148M(3) of the expired regulation; and
- (b) immediately before the commencement, the application had not been decided.