Petroleum and Gas (Royalty) Regulation 2021 (Qld)

Petroleum and Gas (Royalty) Regulation 2021

Part 1 Preliminary

1 Short title This regulation may be cited as the Petroleum and Gas (Royalty) Regulation 2021.

2 Commencement This regulation commences on 1 September 2021.

3 Dictionary The dictionary in schedule 1 defines particular words used in this regulation.

Part 2 Petroleum royalty

Division 1 Preliminary

Subdivision 1 Purpose

4 Purpose of part This part prescribes— (a) for section 590(2)(a) of the Act, the time on or before which petroleum royalty must be paid; and (b) for section 590(2)(b) of the Act, the way in which petroleum royalty is calculated; and (c) for section 590(2)(c) of the Act, the rate at which petroleum royalty is payable.

Subdivision 2 Interpretation

5 Definitions for part (1) In this part— average hedge settlement rate, for a royalty return period, means the average, worked out for the royalty return period, of the hedge settlement rates for each day in the royalty return period. domestic gas see section 6. gas means petroleum in a gaseous state at standard temperature and pressure. hedge settlement rate, for a day, means the WM/Reuters Australian Fix 10.00a.m. rate on the day. independent buyer, in relation to a petroleum producer or a reseller for the producer, means a person who is not a relevant entity for the producer. liquid petroleum see section 9. LNG means liquefied natural gas. LNG project means an LNG project under a determination of the revenue commissioner under section 10. LNG project buyer, in relation to a petroleum producer or a reseller for the producer, means a person who the producer or reseller knows is a member of an LNG project because— (a) the person has, under section 12(2), given the producer or the reseller a notice stating that the person is a member of the LNG project; or (b) the revenue commissioner has, under section 12(4), told the producer or the reseller that the person is a member of the LNG project. member, of an LNG project, means a member of an LNG project under a determination of the revenue commissioner under section 10. oil means petroleum in a liquid state. project gas see section 8. standard temperature and pressure means an absolute pressure of 101.325kPa at a temperature of 15ºC. supply gas see section 7. (2) To remove any doubt, it is declared that, for this part, a reference to a petroleum producer includes a participant in a joint venture, or other arrangement, involving the production of petroleum who is taken to be a petroleum producer under section 590(4) of the Act.