Northern Territory Numbered Acts

PETROLEUM ROYALTY ACT 2023 (NO 6 OF 2023)

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY MATTERS

   1.      Short title  
   2.      Commencement  
   3.      Purpose  

   PART 2--INTERPRETATION

   4.      Definitions  
   5.      Arm's length terms  
   6.      Leases under Petroleum (Mining and Prospecting) Act 1954  

   PART 3--PETROLEUM ROYALTIES

   7.      Commencement of royalty  
   8.      Royalty on petroleum produced  
   9.      Royalty rate  
   10.     Royalty payments  
   11.     Amount of quarterly payments  

   PART 4--CALCULATION OF GROSS VALUE AT THE WELLHEAD

   12.     Meaning of Australian Dollar Equivalent and exchange rate  
   13.     Meaning of gross value at the wellhead  
   14.     Meaning of sales value  
   15.     Meaning of market value  
   16.     Shipping costs  
   17.     Deductible costs  
   18.     Allowable costs  
   19.     Excluded costs  
   20.     Treatment of deductions, costs and expenses, revenue and expenditure  
   21.     Swap arrangements  

   PART 5--APPLICATION OF TAXATION ADMINISTRATION ACT 2007

   22.     Application of Taxation Administration Act 2007  

   PART 6--MISCELLANEOUS MATTERS

   23.     Register of licensees and permittees  
   24.     Lodgement of returns  
   25.     Approved forms and manner  
   26.     Regulations  
   27.      Review of Act  

   PART 7--TRANSITIONAL MATTERS FOR PETROLEUM ROYALTY ACT 2023

   28.     Royalty agreements under Petroleum Act 1984  

   PART 8--CONSEQUENTIAL AMENDMENT OF PETROLEUM ACT 1984

   29.     Act amended  
   30.     Section 3 amended (Objective)  
   31.     Section 15A amended (Appropriate person to hold permit or licence)  
   32.     Section 54 amended (Conditions of production licence)  
   33.     Section 58 amended (General conditions)  
   34.     Part III, Division 5 repealed (Royalties)  
   35.     Section 119 amended (Application, savings and transitional)  
   36.     Repeal of Part