Total field allowance for new oil fieldU.K.
24(1)For the purposes of this Schedule the total field allowance for a new oil field is—U.K.
(a)in the case of a small oil field, the amount determined in accordance with sub-paragraph (2),
(b)in the case of an ultra heavy oil field, £800,000,000, and
(c)in the case of an ultra high pressure/high temperature oil field, £800,000,000.
(2)The total field allowance for a small oil field is—
(a)if the oil field has reserves of oil of 2,750,000 tonnes or less, £75,000,000, and
(b)in any other case (where the oil field has reserves of more than 2,750,000 tonnes but not more than 3,500,000 tonnes), the following amount—
where X is the amount of the reserves of oil (in tonnes) which the oil field has.