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CONSOLIDATED NEWFOUNDLAND AND LABADOR REGULATION 22/96

Oil Royalty Regulations
under the
Petroleum and Natural Gas Act
(O.C. 96-158)

Under the authority of section 39 of the Petroleum and Natural Gas Act and the Subordinate Legislation Revision and Consolidation Act , the Lieutenant-Governor in Council makes the following regulations.

REGULATIONS

Analysis



Short title

        1. These regulations may be cited as the Oil Royalty Regulations .

264/90 s1

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Definitions

        2. In these regulations

             (a)  "Act" means the Petroleum and Natural Gas Act ; and

             (b)  "petroleum" means hydrocarbons which at atmospheric pressure are in liquid form when loaded for shipment and includes non-hydrocarbon contaminants, but does not include gas.

264/90 s2

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Liability for basic royalties

        3. (1) Each holder of a share in a lease issued under the Act before April 1, 1990 shall be liable for and shall pay to the Crown a basic royalty in the amount of $0.01 for each barrel of petroleum produced under the lease to which that holder of a share in the lease is entitled.

             (2)  The basic royalty shall be paid at the time and in the manner that may be prescribed by the minister.

264/90 s3

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Exemption

        4. A holder of a share of a lease issued under the Act before April 1, 1990 shall not pay to the Crown an incremental royalty in respect of petroleum produced under that lease.

264/90 s4

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Repeal

        5. The Oil Royalty Regulations, 1990, Newfoundland Regulation 264/90, are repealed.

(Includes Reprint of January 17, 1997, p.31)