Paragraph 16

Section 357 (other definitions) is amended as follows.

For the definition of “authorisation day” substitute—

““authorisation day” means—

(a)

in relation to an additionally-developed oil field, the day when the project mentioned in section 349A(1) is authorised, and

(b)

in relation to a new oil field, the day when development of the field is authorised as mentioned in section 350(1)(b),”.

After that definition insert—

• ““eligible oil field” means an oil field which is an additionally-developed oil field or a new oil field,”.

Omit the definition of “initial licensee”.

In the definition of “relevant income”, for “a new oil field” substitute “ an eligible oil field ”.