7(1)The Oil Taxation Act 1975 shall be amended as follows.
(2)In section 1 (petroleum revenue tax), in subsection (1) for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.
(3)In section 12 (interpretation of Part I), in the definition of “licence” in subsection (1), for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.
(4)In section 21 (citation, interpretation and construction), subsection (5) shall cease to have effect.
(5)In Schedule 1 (determination of oil fields), in paragraph 1(2)(a) for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.
(6)In Schedule 2 (management and collection of petroleum revenue tax), in paragraph 2(2)(c) for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.
(7)In Schedule 3 (petroleum revenue tax: miscellaneous provisions), in paragraph 4 for “the Petroleum (Production) Act 1934” there shall be substituted “Part I of the Petroleum Act 1998”.