PETROLEUM PROSPECTING.
No. 16 of 1927.
An Act to amend the Petroleum Prospecting Acts 1926.
[Assented to 8th April, 1927.]
Preamble.
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Petroleum Prospecting Act 1927.
(2.) The Petroleum Prospecting Acts 1926 are in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Petroleum Prospecting Act 1926–1927.
Payments to Trust Account.
2. Section three of the Principal Act is amended by inserting, after the words “the sum of”, the words “One hundred and”.
Application of moneys.
3. Section four of the Principal Act is amended by omitting subsection (1.) and inserting in its stead the following sub-section:—
“(1.) The Minister may apply the moneys standing to the credit of the Trust Account for the purpose of—
(a) advances to persons or companies engaged in the search for oil in Australia, Papua, or New Guinea;
(b) advances to assist persons, companies, or State or Territorial Governments to make geological surveys in Australia, Papua, or New Guinea;
(c) the conduct, either directly or through an agent, of geological surveys in Australia, Papua, or New Guinea; and
(d) the conduct, either directly or through an agent, of prospecting operations in the area reserved in Papua for that purpose.”.
Overview
The Petroleum Prospecting Act 1927 was enacted to amend the Petroleum Prospecting Acts 1926, aiming to address the financial and administrative aspects of petroleum prospecting activities in Australia, Papua, and New Guinea. This Act was passed by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia to facilitate better management and support for petroleum exploration efforts in these regions. The policy objective behind this legislation was to provide financial assistance and enable geological surveys and prospecting operations through the Trust Account, thereby fostering the development of the petroleum industry. The Act's amendments introduced specific provisions for the application of funds from the Trust Account, enhancing the support system for entities engaged in petroleum exploration and geological surveys.
Scope and Application
The Petroleum Prospecting Act 1927 amends the Petroleum Prospecting Acts 1926 to enhance the regulation and support for petroleum exploration in Australia, Papua, and New Guinea. This Act applies to individuals and companies engaged in the search for oil, as well as to state or territorial governments involved in geological surveys or prospecting operations in the specified regions. It provides a mechanism for the application of funds from a Trust Account to support these activities, including advances for oil search, geological surveys, and prospecting operations. The Act's provisions extend to the application of moneys for these purposes, facilitating the necessary financial support for exploration and development within Australia, Papua, and New Guinea. The Act does not explicitly mention any exclusions, exemptions, or thresholds, but the application of funds and the scope of the activities are clearly defined within its provisions.
Key Provisions
The Petroleum Prospecting Act 1927 introduces amendments to the Petroleum Prospecting Acts 1926, primarily focusing on the payment and application of funds from a designated Trust Account. Section 2 amends the Principal Act by inserting a specific sum, which is One hundred and, into the relevant section. This amendment likely pertains to the financial framework within which petroleum prospecting activities are to be funded. Section 3 revises the application of moneys, replacing the original subsection with a new one that allows the Minister to utilise funds from the Trust Account for various purposes. These purposes include providing advances to entities engaged in oil search, assisting in geological surveys, and conducting prospecting operations in specified areas such as Australia, Papua, and New Guinea.
The Act imposes specific obligations on the Minister, who is now tasked with managing the Trust Account and determining the allocation of its funds. This role includes making decisions on which entities qualify for financial assistance and ensuring that the funds are used for the purposes outlined in Section 3. The Minister must ensure that the advances and applications of funds are in line with the legislative intent, which is to support petroleum exploration and geological surveys. This involves a careful oversight process to ensure that the funds are appropriately utilised and that the activities they support are conducted effectively and responsibly.
Breaches of the Act’s provisions could lead to various legal consequences. Although specific offences, penalties, and consequences are not detailed in the provided excerpt, typical legal frameworks often include provisions for civil and criminal penalties for non-compliance. In such cases, the Minister or relevant authorities might face enforcement actions if they fail to adhere to the prescribed guidelines or misuse the funds. Potential consequences could range from fines to more severe penalties, depending on the nature and severity of the breach. Ensuring strict compliance with the Act’s provisions is therefore crucial for all parties involved, to avoid any legal repercussions.