CNLR 22/96 - Oil Royalty Regulations under the Petroleum and Natural Gas Act
AI-assisted research summary: These regulations set a basic royalty of $0.01 per barrel for certain lease-share holders, allow the minister to prescribe payment timing and manner, and exempt those holders from incremental royalty payments.
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 1. Short title 2. Definitions 3. Liability for basic royalties 4. Exemption 5. Repeal Short title 1. These regulations may be cited as the Oil Royalty Regulations . 264/90 s1 Back to Top 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 Back to Top 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 Back to Top 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 Back to Top 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 The Oil Royalty Regulations, 1990, Newfoundland Regulation 264/90, are repealed.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)