50Election to apply a modified residual pricing method—integrated GTL operations existing before 2 May 2010

50 Election to apply a modified residual pricing method—integrated GTL operations existing before 2 May 2010

(1) The participants in an integrated GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to apply a modified form of the residual pricing method. (2) An election under this section: (a) must be made by all participants in the operation jointly; and (b) must be in a form approved by the Commissioner; and (d) is irrevocable. (3) If an election has been made under this section and one or more new participants are later added to the integrated GTL operation: (a) the election continues in force for the participants who made it; and (b) any new participant is also taken to have made the election at the time the new participant is added to the integrated GTL operation.

Note: If an election has been made under this section, a number of provisions in this instrument apply or operate differently. The differences include changes to the rules about capital costs (section 37), and a reduction in the number of phases in an operation (section 9).