sch.6-sec.5Producing petroleum under a petroleum lease

sch.6-sec.5 Producing petroleum under a petroleum lease

The safety and health fee payable by the holder (the relevant lease holder ) of a petroleum lease is 1,656 fee units for each petroleum well within the area of the lease that has produced petroleum during the year. However, if the amount of the safety and health fees calculated under subsection (1) for all holders of petroleum leases during the year is more than the costs estimate for the category of liable person mentioned in section 155 (2) (f) for the year, the fee payable by the relevant lease holder is the amount worked out using the formula— where— C means the costs estimate. P means the number of petroleum wells within the area of the petroleum lease that produced petroleum during the year. T means the total number of petroleum wells within the areas of petroleum leases that produced petroleum during the year. sch 6 pt 3 s 5 amd 2019 SL No. 80 s 53 ; 2020 SL No. 107 s 40 ; 2021 SL No. 75 s 33 ; 2022 SL No. 68 s 15 (sch.6-sec.5-ssec.1) The safety and health fee payable by the holder (the relevant lease holder ) of a petroleum lease is 1,656 fee units for each petroleum well within the area of the lease that has produced petroleum during the year. (sch.6-sec.5-ssec.2) However, if the amount of the safety and health fees calculated under subsection (1) for all holders of petroleum leases during the year is more than the costs estimate for the category of liable person mentioned in section 155 (2) (f) for the year, the fee payable by the relevant lease holder is the amount worked out using the formula— where— C means the costs estimate. P means the number of petroleum wells within the area of the petroleum lease that produced petroleum during the year. T means the total number of petroleum wells within the areas of petroleum leases that produced petroleum during the year.