4AHolding an interest—petroleum project

#### 4A Holding an interest—petroleum project Petroleum projects generally (1) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to, a petroleum project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from: (a) if the time is a time after the production licence in relation to the project came into force—the production licence area in relation to the project; or (b) if the time is a time before the production licence in relation to the project came into force—a pre‑licence area in relation to the production licence. (2) However, subsection (1) does not apply if the project is a combined project, the Bass Strait project or the North West Shelf project. Combined projects (3) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to, a combined project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from: (a) if the time is a time after the project combination certificate came into force—the production licence areas in relation to the project; or (b) if the time is a time before the project combination certificate came into force: (i) any production licence areas in relation to pre‑combination projects relating to the combined project; or (ii) any pre‑licence areas in relation to any of those pre‑combination projects. The Bass Strait project and the North West Shelf project (4) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to,: (a) the Bass Strait project; or (b) the North West Shelf project; if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from any of the production licence areas in relation to that project.