Commonwealth Consolidated Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 55

    For the purposes of this Act, if:

  (a)   a petroleum pool is:

  (i)   partly in a petroleum production licence area; and

  (ii)   partly in another area (whether in the offshore area or not) in relation to which another person has authority (whether under this Act or under the law of a State or the Northern Territory) to explore for or recover petroleum; and

  (b)   a unit development agreement in accordance with section   191 is in force between the licensee and that other person; and

  (c)   petroleum is recovered from that pool through a well or wells in the licence area, the other area or both;

there is taken to have been recovered in that licence area such proportion of all petroleum so recovered as is specified in, or determined in accordance with, the agreement.