Part 8Oil activities
Chapter 7Reduction of supplementary charge for certain new oil fields
Interpretation
355BF1“Large shallow water gas field”
1
In this Chapter “large shallow water gas field” means an oil field that meets conditions A to D.
2
Condition A is that the field was authorised for the first time on or after 25 July 2012.
3
Condition B is that more than 95% of the reserves of oil which the field has consist of gas.
4
Condition C is that the depth of the sea above the field is less than 30 metres.
5
Condition D is that the amount of reserves of gas which the field has, or, where there are one or more oil fields related to the field, the total amount of reserves of gas which the field and those related oil fields together have, is—
a
10 billion cubic metres or more, but
b
less than 25 billion cubic metres.
6
For the purposes of subsection (5) and section 356(5), an oil field is “related” to another oil field if—
a
the field meets conditions A to C, and
b
the authorisation day for each oil field is the same.
7
For the purposes of this section and section 356(5)—
a
the amount of reserves of oil which an oil field has is to be determined on the authorisation day,
b
1,100 cubic metres of gas at a temperature of 15 degrees celsius and pressure of one atmosphere is to be counted as equivalent to one tonne, and
c
the depth of the sea above an oil field is to be measured at the lowest astronomical tide from the water surface to the highest point of the natural sea bed at the location of the primary subsea manifold or the first development well, whichever is the shallower.