Petroleum Revenue Act 1985 (Cth)

Petroleum Revenue Act 1985

Act No. 188 of 1985 as amended

This compilation was prepared on 27 October 2008 taking into account amendments up to Act No. 108 of 2008

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1] 2 Commencement [see Note 1] 3 Interpretation 4 No discrimination or preference 5 Relevant revenue‑sharing agreements 6 Exemption from Excise duty 7 Excise Act 8 Repayments

Schedule 1—Relevant resource rent royalty agreement

Schedule 2—Relevant revenue‑sharing agreement

Notes An Act relating to revenue from petroleum

1 Short title [see Note 1]

This Act may be cited as the Petroleum Revenue Act 1985.

2 Commencement [see Note 1]

This Act shall come into operation on a day to be fixed by Proclamation.

3 Interpretation

(1) In this Act, unless the contrary intention appears:

agreement includes: (a) a lease; and (b) an agreement as varied by an agreement or by agreements.

market petroleum means: (a) petroleum in a form in which petroleum is commonly sold; or (b) a product that is derived from petroleum and is of a kind that is commonly sold; but does not include petroleum, or a product, that is derived from petroleum to which paragraph (a) applies or from a product to which paragraph (b) applies.

petroleum means: (a) any naturally occurring hydrocarbon, whether in a gaseous, liquid, or solid state; (b) any naturally occurring mixture of hydrocarbons, whether in a gaseous, liquid, or solid state; or (c) any naturally occurring mixture of one or more hydrocarbons, whether in a gaseous, liquid, or solid state, and one or more of the following, that is to say, hydrogen sulphide, nitrogen, helium and carbon dioxide; and includes any petroleum as defined by paragraph (a), (b) or (c) that has been returned to a natural reservoir.