(1)Where petroleum is delivered to the Secretary of State under the terms of a licence granted under section 2 of the 1934 Act as applied by section 1(3) of the 1964 Act, then, for the purposes of section 2 of the [1968 c. 75.] Miscellaneous Financial Provisions Act 1968 (Northern Ireland and Isle of Man shares of revenue from the continental shelf), the proceeds from the licence shall be taken to include the proceeds of the sale of the petroleum less—
(a)any sums paid by the Secretary of State in respect of the petroleum or the delivery or treatment of the petroleum; and
(b)any expenses incurred by the Secretary of State in connection with the sale.
(2)In this section and section 30 below " petroleum " has the same meaning as in the 1934 Act.