Commonwealth act

Petroleum Prospecting Act 1927

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

16 of 1927

Collection

act

Plain English Summary

2/10 complexity

The Act increases appropriations to the Petroleum Prospecting Trust Account and broadens the Minister’s spending powers so funds can be used more actively—including lending to explorers, subsidising surveys, conducting government surveys through agents, and carrying out prospecting in a reserved Papua area.

It affects oil prospecting firms, State/Territory governments needing geological data, and the Minister, giving the government greater control over domestic oil discovery efforts.

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Current sections

Direct links to the current provisions in Petroleum Prospecting Act 1927.

Petroleum Prospecting Act 1927

PETROLEUM PROSPECTING.

No. 16 of 1927.

An Act to amend the Petroleum Prospecting Acts 1926.

[Assented to 8th April, 1927.]

Preamble.

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Petroleum Prospecting Act 1927.

(2.) The Petroleum Prospecting Acts 1926 are in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Petroleum Prospecting Act 1926–1927.

Payments to Trust Account.

Section three of the Principal Act is amended by inserting, after the words “the sum of”, the words “One hundred and”.

Application of moneys.

Section four of the Principal Act is amended by omitting subsection (1.) and inserting in its stead the following sub-section:—

“(1.) The Minister may apply the moneys standing to the credit of the Trust Account for the purpose of—

(a) advances to persons or companies engaged in the search for oil in Australia, Papua, or New Guinea;

(b) advances to assist persons, companies, or State or Territorial Governments to make geological surveys in Australia, Papua, or New Guinea;

(d) the conduct, either directly or through an agent, of prospecting operations in the area reserved in Papua for that purpose.”.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Petroleum Prospecting Act 1927