Petroleum Act 1998

46 Northern Ireland and Isle of Man shares of petroleum revenue. U.K.

(1) Where petroleum is delivered to the [F1 OGA] under the terms of a licence granted under section 3 by virtue of subsection (2)(b) of that section, then, for the purposes of section 2 of the M1 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 [F1 OGA] in respect of the petroleum or the delivery or treatment of the petroleum; and

(b) any expenses incurred by the [F1 OGA] in connection with the sale.

(2) In this section “petroleum” has the same meaning as in Part I of this Act.

Textual Amendments

F1 Word in s. 46(1) substituted (1.10.2016) by Energy Act 2016 (c. 20), s. 84(3), Sch. 1 para. 29; S.I. 2016/920, reg. 2(a)

Marginal Citations

M1 1968 c. 75.