Commonwealth legislation

Petroleum (Submerged Lands) (Retention Lease Fees) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

59 of 1990

Collection

legislative instrument

Plain English Summary

1/10 complexity

These regulations set an annual charge of $6,000 per block for petroleum companies holding offshore retention leases in Australian waters. It applies at the start of each lease year and targets companies keeping exploration rights without active drilling. The fee discourages indefinitely “parking” blocks, nudging holders to develop resources or surrender leases so offshore areas aren’t tied up inactive.

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Current sections

Direct links to the current provisions in Petroleum (Submerged Lands) (Retention Lease Fees) Regulations.

Petroleum (Submerged Lands) (Retention Lease Fees) Regulations

Commonwealth Coat of Arms of Australia

Statutory Rules 1990 No. 591

––––––––––––

Petroleum (Submerged Lands) (Retention Lease Fees) Regulations

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and pursuant to section 4 of the Acts Interpretation Act 1901, hereby make the following Regulations under the Petroleum (Submerged Lands) (Retention Lease Fees) Act 1985.

Dated 19 February 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

PETER COOK

Minister of State for Resources

–––––––––––––

Citation

1. These Regulations may be cited as the Petroleum (Submerged Lands) (Retention Lease Fees) Regulations.

Interpretation

2. In these Regulations, unless the contrary intention appears:

“the Act” means the Petroleum (Submerged Lands) (Retention Lease Fees) Act 1985.

Fees—subsection 4 (1) of the Act

3. For the purposes of subsection 4 (1) of the Act, the fee payable shall be calculated at the rate of $6,000 for each block to which the lease relates at the commencement of the year.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 27 February 1990.

Source text

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

1 Petroleum (Submerged Lands) (Retention Lease Fees) Regulations

Statutory Rules 1990 No. 591

––––––––––––

Petroleum (Submerged Lands) (Retention Lease Fees) Regulations

Dated 19 February 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

PETER COOK

Minister of State for Resources

–––––––––––––

Citation

1. These Regulations may be cited as the Petroleum (Submerged Lands) (Retention Lease Fees) Regulations.

Interpretation

2. In these Regulations, unless the contrary intention appears:

“the Act” means the Petroleum (Submerged Lands) (Retention Lease Fees) Act 1985.

Fees—subsection 4 (1) of the Act

3. For the purposes of subsection 4 (1) of the Act, the fee payable shall be calculated at the rate of $6,000 for each block to which the lease relates at the commencement of the year.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 27 February 1990.