Petroleum Royalty Act 2023

• Jurisdiction: Northern Territory
• Year: 2023
• Type of Document: Acts

NORTHERN TERRITORY OF AUSTRALIA

PETROLEUM ROYALTY ACT 2023

As in force at 2 July 2023

Table of provisions

Part 1 Preliminary matters

1 Short title ......................................................................................... 1

2 Commencement .............................................................................. 1

3 Purpose ........................................................................................... 1

Part 2 Interpretation

4 Definitions ........................................................................................ 1

5 Arm's length terms ........................................................................... 5

6 Leases under Petroleum (Mining and Prospecting) Act 1954 .......... 5

Part 3 Petroleum royalties

7 Commencement of royalty ............................................................... 5

8 Royalty on petroleum produced ....................................................... 6

9 Royalty rate ..................................................................................... 6

10 Royalty payments ............................................................................ 6

11 Amount of quarterly payments ......................................................... 7

Part 4 Calculation of gross value at the wellhead

12 Meaning of Australian Dollar Equivalent and exchange rate ........... 7

13 Meaning of gross value at the wellhead .......................................... 7

14 Meaning of sales value .................................................................... 8

15 Meaning of market value ................................................................. 9

16 Shipping costs ............................................................................... 10

17 Deductible costs ............................................................................ 10

18 Allowable costs .............................................................................. 11

19 Excluded costs .............................................................................. 12

20 Treatment of deductions, costs and expenses, revenue and

expenditure .................................................................................... 14

21 Swap arrangements ...................................................................... 14

Part 5 Application of Taxation Administration

Act 2007

22 Application of Taxation Administration Act 2007 ............................ 15

Petroleum Royalty Act 2023 ii

Part 6 Miscellaneous matters

23 Register of licensees and permittees ............................................. 16

24 Lodgement of returns .................................................................... 16

25 Approved forms and manner ......................................................... 17

26 Regulations .................................................................................... 17

27 Review of Act ................................................................................. 18

Part 7 Transitional matters for Petroleum Royalty

Act 2023

28 Royalty agreements under Petroleum Act 1984 ............................ 18

ENDNOTES