Queensland Consolidated Acts
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PETROLEUM ACT 1923 - SECT 48
Commencement of drilling
48 Commencement of drilling
(1) The lessee shall each year expend on the lease in respect of drilling for
petroleum or such other work as the Minister may in writing approve a total
sum of money calculated at the rate of $1550 per square kilometre for each
square kilometre or part thereof contained in the lease.
(2) The total sum is
to be reduced by the value at the wellhead, as agreed or determined under
section 49 , of all petroleum produced from the lease in the year.
(3)
Subsections (1) and (2) are complied with in relation to each of the leases
that are the subject of a unitisation arrangement if those subsections are
complied with in relation to the leases taken as a whole.
(4) The Minister
may grant exemption in writing from the requirements of subsection (1) for
such period and under such conditions as the Minister may fix.
(5) If a
conservation authority appointed under this Act restricts production from the
lease then the value at the wellhead mentioned in subsection (2) shall be
determined on production that, in the opinion of the conservation authority,
reasonably could have been expected from the lease had production not been so
restricted.
(6) The lessee shall drill all necessary wells fairly to offset
the wells of others on adjoining land on petroleum deposits.
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