The Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) (Amendment) Regulations 2006 No. 3089

1. Introductory Text

2. 1. Citation, commencement and effect

3. 2. Amendment of the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987

4. 3. In the title and citation of those Regulations—

5. 4. In regulation 2 (interpretation)— (a) omit the definition of “composite...

6. 5. For regulation 2A substitute— Excluded oil (1) Oil which forms part of a participator’s equity production...

7. 6. For regulation 3(2) and (3) (manner of making nominations) substitute—...

8. 7. In regulation 3(4) omit “(c)(v) above”.

9. 8. Omit regulations 4 to 6.

10. 9. For regulations 7 and 8 substitute— Transaction base time (1) This regulation prescribes the transaction base time for a...

11. 10. In regulation 9 (nominal volume)— (a) in paragraph (1) omit...

12. 11. In regulation 10 (maximum tolerance) for “5” substitute “1”.

13. 12. Omit regulations 11 to 18.

14. 13. In regulation 19 (nominations of proposed transactions in blended oil...

15. 14. Omit regulation 20.

16. Signature

17. Explanatory Note