Part V Miscellaneous and General

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

(1)

Where petroleum is delivered to the F1OGA 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 M1Miscellaneous 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 F1OGA in respect of the petroleum or the delivery or treatment of the petroleum; and

(b)

any expenses incurred by the F1OGA in connection with the sale.

(2)

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