PETROLEUM PROSPECTING.
No. 8 of 1928.
An Act relating to the Encouragement of Prospecting for Petroleum Oil.
[Assented to 2nd April, 1928.]
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.
1. This Act may be cited as the Petroleum Prospecting Act 1928.
Appropriation of £50,000 for Petroleum Prospecting.
2. There shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, for the purpose of the Trust Account established under the Petroleum Prospecting Act 1926-1927 and known as the Prospecting for Petroleum Trust Account, the sum of Fifty thousand pounds.
Overview
The Petroleum Prospecting Act 1928 was enacted by the Commonwealth Parliament to address the need for financial support in the exploration of petroleum resources within Australia. This Act was introduced to provide funding to the Prospecting for Petroleum Trust Account established under the Petroleum Prospecting Act 1926-1927. The key policy objective of this legislation was to encourage and facilitate the prospecting for petroleum oil by appropriating a specific sum of money from the Consolidated Revenue Fund, thereby supporting the discovery and development of petroleum resources in the country. This financial support aimed to stimulate economic activities related to petroleum exploration and potentially contribute to the nation's energy sector.
Scope and Application
The Petroleum Prospecting Act 1928 applies to the appropriation of funds for the encouragement of petroleum prospecting activities within the Commonwealth of Australia. This Act specifically allocates £50,000 from the Consolidated Revenue Fund to the Prospecting for Petroleum Trust Account, which was established under the Petroleum Prospecting Act 1926-1927. The fund is intended to support and incentivise the exploration for petroleum oil across the national territory. The Act does not detail specific exclusions, exemptions, or thresholds for its application but rather focuses on the financial appropriation aspect. The geographic reach of this Act is nationwide, as it pertains to the Commonwealth of Australia. The Act itself does not extend or restrict its application through subordinate instruments, focusing solely on the appropriation of the specified funds.
Key Provisions
The Petroleum Prospecting Act 1928 (sections 1-2) is a concise piece of legislation that appropriates £50,000 for the Prospecting for Petroleum Trust Account. This Act serves as a follow-up to the Petroleum Prospecting Act 1926-1927, with the purpose of providing financial support for petroleum exploration activities. The Trust Account is intended to facilitate and encourage the search for petroleum oil within the Commonwealth of Australia.
Under this Act, the primary obligation is the appropriation of funds to the Trust Account, as specified in section 2. This allocation is to be sourced from the Consolidated Revenue Fund and is intended to support prospecting activities authorised under the Act. The Act does not lay out extensive regulatory frameworks or procedural guidelines but focuses on the financial aspect of petroleum exploration.
Breaches of the provisions within the Petroleum Prospecting Act 1928 are not explicitly detailed within the text provided. However, it is reasonable to infer that misuse or misallocation of the funds appropriated under this Act could lead to legal consequences. The Act’s primary focus being the financial appropriation, penalties or consequences for misuse would likely fall under general financial misconduct or breach of trust statutes rather than specific provisions within this Act.
In summary, the Petroleum Prospecting Act 1928 establishes a fund to support petroleum exploration activities by allocating £50,000 to the Prospecting for Petroleum Trust Account. The Act imposes an obligation to ensure the proper use of these funds for authorised prospecting activities. While specific penalties for misuse are not outlined in the provided text, any breach of trust or misallocation of funds could result in broader legal consequences under Australian law.