Part 12

Supplementary provisions
Chapter 3

Disposals of oil licences: provisions relating to Parts 5 and 6

Introduction

Meaning of “oil licence” and “interest in an oil licence”
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1
In this Chapter “oil licence” means a UK oil licence or a foreign oil concession.
2
In this Chapter “UK oil licence” means a licence under—
a
Part I of the Petroleum Act 1998 (c. 17) (“the 1998 Act”), or
b
the Petroleum (Production) Act (Northern Ireland) 1964 (c. 28 (N.I.)) (“the 1964 Act”),
authorising the winning of oil.
3
In this Chapter “foreign oil concession” means any right which—
a
is a right to search for or win oil that exists in its natural condition in a place to which neither the 1998 Act nor the 1964 Act applies, and
b
is conferred or exercisable (whether or not under a licence) in relation to a particular area.
4
In this Chapter “interest in an oil licence” includes, if there is an agreement which—
a
relates to oil from the whole or a part of the licensed area, and
b
was made before the extraction of the oil to which it relates,
any entitlement under the agreement to, or to a share of, that oil or the proceeds of its sale.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7