37Annual rental fee area

37 Annual rental fee area

37 Annual rental fee area

(Former clause 22B of 2007 Reg)

(1) The Secretary is to determine an annual rental fee area for any petroleum title that is granted or proposed to be granted on or after 1 July 2012.

(2) The Secretary may determine (and must determine, if required to do so by this Division) an annual rental fee area for a petroleum title granted before 1 July 2012.

(3) The annual rental fee area is a description of the land to which the petroleum title applies, or is proposed to apply, in terms that enable an annual rental fee payable under Part 7A of the Act to be calculated in respect of the petroleum title.

(4) Exclusions specified, or proposed to be specified, in a petroleum title are to be counted towards the annual rental fee area.

(5) The Secretary is required to record an annual rental fee area determined under this clause in the record kept by the Secretary under section 95 of the Act.

(6) The Secretary may, if the Secretary considers it is fair and reasonable to do so, revise his or her determination of the annual rental fee area for a petroleum title by varying the determination or substituting a new determination.

(7) If the Secretary revises his or her determination of the annual rental fee area for a petroleum title, the Secretary is to update the record of the annual rental fee area kept under section 95 of the Act to reflect that revision.

(8) It is not necessary to determine an annual rental fee area in respect of a petroleum title if the petroleum title is exempt from the requirement to pay an annual rental fee.