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Regulation 2 Interpretation

Original text. Later amendments are not shown.

In these Regulations, unless the context otherwise requires:—

  • “associated gas” means gas found in an oil field in association with oil other than gas, which has been won from the field at a rate dependent on that at which the oil other than gas is so won;

  • “election” means an election under the principal section;

  • “gas” means oil consisting of gas;

  • “gas banking scheme” means such a scheme as is defined in subsection (2) of the principal section as a gas banking scheme for the purposes of the section;

  • “the modifications” means the modifications to the operation of the Oil Taxation Acts prescribed by Regulation 3 below;

  • “the Oil Taxation Acts” has the same meaning as in the principal section;

  • “the principal section” means section 108 of the Finance Act 1980;

  • “relevant field” means, in relation to a gas banking scheme, an oil field to which the scheme applies;

  • “responsible persons” means the bodies corporate or partnerships appointed in accordance with paragraph 4 of Schedule 2 to the Oil Taxation Act 1975 as the responsible persons for the oil fields to which a gas banking scheme applies;

  • “transferor field” and “transferee field” mean, in relation to a transfer of gas won from a relevant field by the participators in that field to the participators in another relevant field under a gas banking scheme, the first-mentioned field and the last-mentioned field respectively;

other expressions have the same meaning as in the Oil Taxation Act 1975.