Paragraph 11 Royalty payments

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.4, model clause 12(1)(b)(3)(9)(10) revoked by Petroleum (Production) (Seaward Areas) 1996 reg.8(i)
Sch.4, model clause 3A added by Petroleum (Production) (Seaward Areas) 1996 reg.8(d)
Sch.4, model clause 4(1) amended by Petroleum (Production) (Seaward Areas) 1996 reg.8(e)(i)
Sch.4, model clause 4(2)(a) substituted by Petroleum (Production) (Seaward Areas) 1996 reg.8(e)(ii)
Sch.4, model clause 4(2)(b)(3)(4) amended by Petroleum (Production) (Seaward Areas) 1996 reg.8(e)(iii) (iv)(v)
Sch.4, model clause S, heading substituted by Petroleum (Production) (Seaward Areas) 1996 reg.8(f)(i)
Sch.4, model clause 5 amended by Petroleum (Production) (Seaward Areas) 1996 reg.8(f)(ii)
Sch.4, model clause 5(4)(5) amended by Petroleum (Production) (Seaward Areas) 1996 reg.8(f)( iii)
Sch.4, model clause 8(1)(b) rev. in pt. by Petroleum (Production) (Seaward Areas) 1996 reg.8(h)
Sch. 4, model clause 38 rev. in pt. by Petroleum (Production) (Seaward Areas) 1996 reg.8(j)
Sch.4, model clause 2 amended by Petroleum (Production) (Seaward Areas) 1996 reg.8(b)
Sch.4, model clause 1 (defns. of block and the Minister) amended by Petroleum (Production) (Seaward Areas) 1996 reg.8(a)(i)
Sch. 4, model clause 1 (defn. of initiat term) replaced (by defns, initial term and second term) by Petroleum (Production) (Seaward Areas) 1996 reg.8(a)(ii)
Sch.4, model clause 3 substituted by Petroleum (Production) (Seaward Areas) 1996 reg.8(c)
Sch.4, model clauses 9(b), 12(b) revoked by Petroleum (Production) (Seaward Areas) 1995 reg.8(2)(b)
Sch.4, model clause 10(1) amended by Petroleum (Production) (Seaward Areas) 1995 reg.8(3)(a)
Sch.4, model clause 10(2) revoked by Petroleum (Production) (Seaward Areas) 1995 reg.8(3)(b)
Sch.4, model clause 10(3) amended by Petroleum (Production) (Seaward Areas) 1995 reg.8(3)(c)
Sch.4, model clauses 10(5)-(8) revoked by Petroleum (Production) (Seaward Areas) 1995 reg.8(3)(d)
Sch.4, model clauses 11, 13, 30 revoked by Petroleum (Production) (Seaward Areas) 1995 reg.8(4)
Sch.4, model clause 31(3) substituted by Petroleum (Production) (Seaward Areas) 1995 reg.8(5)
Sch.4, model clause 32(4) added by Petroleum (Production) (Seaward Areas) 1995 reg.8(6)
Sch.4, model clause 34(iv) substituted by Petroleum (Production) (Seaward Areas) 1995 reg.8(7)
Sch.4, model clause 42(2)(g) substituted by Petroleum (Production) (Seaward Areas) 1995 reg.8(8)
Sch.4, model clauses 9(a), 12(a) amended by Petroleum (Production) (Seaward Areas) 1995 reg.8(2)(a)
Sch. 4 incorporated in part (with modifications) (temp.) by Petroleum Act 1998 s. 5 Sch. 1 para. 18-24
Schs.4, 5 amended by Offshore Safety Act 1992 s. 3(1)(e)

If in any chargeable period the Licensee delivers to the Minister in pursuance of clause 13 of this licence petroleum having a value greater than the appropriate percentage of the aggregate of–

(a)

the value of the petroleum delivered (ignoring any such excess as is mentioned in clause 10(8) of this licence), and

(b)

the value of the petroleum relating to that period,

the Minister shall pay to the Licensee a sum equal to the difference.