27(1)The Capital Allowances Act 1990 shall be amended as follows.
(2)In section 62A (special allowance for demolition costs related to offshore machinery or plant), in subsection (3)(a) for “Part I of the Petroleum Act 1987” there shall be substituted “Part IV of the Petroleum Act 1998”.
(3)In section 116 (oil licences etc.), in subsection (2) for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.
(4)In section 138A (disposal of oil licences etc.), in the definitions of “overseas petroleum” and “petroleum” in subsection (4), for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.