Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if an amount of petroleum is recovered at a particular time from a Greater Sunrise unit reservoir:
(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 following provisions have effect:
(a) the current apportionment percentage of the amount of petroleum becomes the property of the permittee, lessee or licensee;
(b) property in the remainder of the amount of petroleum is determined under the Timor Sea Treaty;
(c) the amount of 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).
(3) Subsection (2) has effect subject to this Act.
(4) In this section:
"current apportionment percentage" , in relation to an amount of petroleum recovered at a particular time, means:
(a) 79.9%; or
(b) if, before that time, the Apportionment Ratio set out in article 7 of the Greater Sunrise unitisation agreement has changed, at least once, because it has been:
(i) redetermined due to a technical redetermination undertaken in accordance with paragraph 8(1) of the agreement; or
(ii) altered due to an agreement in accordance with paragraph 8(2) of the Greater Sunrise unitisation agreement;
the percentage of the production of petroleum from the Greater Sunrise unit reservoirs that is apportioned to Australia under the Greater Sunrise unitisation agreement immediately after the most recent change to the Apportionment Ratio.