142Royalty

142 Royalty (1) A permittee, lessee or licensee shall, subject to this Division, pay to the Minister royalty at the prescribed rate in respect of all petroleum recovered by the permittee, lessee or licensee in the permit area, lease area or licence area. (2) Subject to the succeeding provisions of this section and section 143, the prescribed rate in respect of petroleum recovered under a permit, lease or licence is 10% of the value of the petroleum at the well-head. (3) The prescribed rate in respect of petroleum recovered under a secondary licence is the percentage determined by the Minister in pursuance of section 42(1) in respect of petroleum so recovered. (4) Where a secondary licence is granted to the holder of a primary licence, the prescribed rate in respect of petroleum recovered under the primary licence is, as from the commencement of the next royalty period after the day from which the secondary licence has effect, the same percentage as is applicable in respect of petroleum recovered under the secondary licence.

Petroleum (Submerged Lands) Act 1981 140 (a) a licence is granted on an application under section 47; and (b) the notice served on the applicant under section 49 contains a statement that the applicant will be required to pay, in respect of petroleum recovered under that licence, royalty at the rate specified in that statement, the prescribed rate in respect of petroleum recovered under that licence is the percentage specified in that statement. (6) Where a licence is granted on an application under section 51(1), the prescribed rate in respect of petroleum recovered under that licence is the same percentage as was applicable in respect of petroleum recovered under the original licence as defined by that subsection. (7) The prescribed rate in respect of petroleum recovered in the licence area referred to in a licence granted by way of renewal is the percentage that would be the prescribed rate of the previous (8) A reference in this section or in a permit, lease or licence to royalty at the prescribed rate or royalty at the rate that is for the time being the prescribed rate shall be read as a reference to royalty at the rate that is or was the prescribed rate applicable in accordance with the provisions of this Act as in force from time to time.