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The Oil Royalty Regulations, 1990, Newfoundland Regulation 264/90, are repealed.
©Earl G. Tucker, Queen's Printer
(Includes Reprint of January 17, 1997, p.31)