Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if petroleum (other than petroleum from the Greater Sunrise unit reservoirs) is recovered:
(a) by a petroleum exploration permittee in the permit area; or
(b) by a petroleum retention lessee in the lease area; or
(c) by a petroleum production licensee in the licence area.
Property
(2) The petroleum becomes the property of the permittee, lessee or licensee.
(3) The petroleum is not subject to any rights of other persons (other than a person to whom the permittee, lessee or licensee transfers, assigns or otherwise disposes of the petroleum or an interest in the petroleum).
(4) Subsections (2) and (3) have effect subject to this Act.
Note: See also Division 3 of Part 1.2 (which deals with apportionment of petroleum recovered from adjoining title areas).