Petroleum Search Subsidy Regulations (Cth)

STATUTORY RULES.

1972 No.

REGULATIONS UNDER THE PETROLEUM SEARCH SUBSIDY ACT 1959–1969.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Petroleum Search Subsidy Act 1959–1969.

Dated this third day of May, 1972.

Paul Hasluck

Governor-General.

By His Excellency’s Command,

Minister of State for National Development.

PETROLEUM SEARCH SUBSIDY REGULATIONS

Citation.

1. These Regulations may be cited as the Petroleum Search Subsidy Regulations.

Repeal.

2. The Petroleum Search Subsidy Regulations (composing Statutory Rules 1964, No. 119 and statutory Rules 1970, No. 28) are repealed.

Prescribed part of costs of prescribed operations

3. For the purposes of section 9 of the Act--

(a) a class of operations specified in column 1 of the Table in the Schedule to these Regulations is a prescribed class of operations; and

(b)the part specified in column 2 of that Table opposite to a prescribed class of operations in column 1 is the part prescribed in relation to to that class of operations.

THE SCHEDULE

Regulation 3.

RELATION OF SUBSIDY TO COSTS

Column 1	Column 2
Class of operations	Part of costs prescribed
Geophysical survey in a submarine area………………………………………………….	Three-tenths
Geophysical survey in an area that is not a submarine area………………………………	One-half
Exploration drilling operation………………………………………………………......	Three-tenths

Notified in the Commonwealth Gazette on. 1972.

  

Printed by Authority by the Government Printer of the Commonwealth of Australia

13158/72 Price 5c 9/22.3.1972