Shale Oil Bounty Act 1922

Overview

The Shale Oil Bounty Act 1922, enacted by the Commonwealth Parliament, serves as an amendment to the Shale Oil Bounty Act 1917-1921. The primary purpose of this Act was to extend the duration of the shale oil bounty scheme, which was originally set to expire after five years. By amending the Principal Act, this legislation extends the period of the bounty to six years, thereby encouraging continued investment and production in the shale oil industry. The Act also adjusts the relevant sections and schedules of the Principal Act to reflect this extended period, ensuring that the bounty remains available for the additional year. The policy objective behind the Shale Oil Bounty Act 1922 was to support and sustain the shale oil industry by providing financial incentives over a longer timeframe. This extension was intended to stabilise and bolster the industry during a period of potential economic uncertainty, ultimately contributing to the development and growth of the shale oil sector in Australia.

Scope and Application

The Shale Oil Bounty Act 1922 applies to the terms and conditions of the bounty granted under the Principal Act, with the amendments extending the period of benefit from five years to six years. This Act is relevant to entities involved in the production of shale oil, as well as those who receive the bounty specified under the amended terms. The jurisdictional reach of this legislation is federal, extending across the Commonwealth of Australia. The Act includes no stated exclusions or exemptions, but operates under the existing provisions of the Principal Act, which it amends. The application of the Act is further defined and potentially extended through subordinate instruments that may be created to implement the amended provisions more comprehensively. The changes are specific to the duration of the bounty, adjusting the timeline without altering the fundamental eligibility criteria or the bounty's scope.

Key Provisions

The main operative sections of the Shale Oil Bounty Act 1922 (referred to as the "Act") involve amendments to the existing Shale Oil Bounty Act 1917-1921 (referred to as the "Principal Act"). Section 1 of the Act establishes the title and citation for the amended legislation, renaming the Principal Act as the Shale Oil Bounty Act 1917-1922. Section 2 amends section two of the Principal Act by extending the period from "five years" to "six years". Section 3 similarly amends section three of the Principal Act, also extending the period from "five years" to "six years". The Schedule of the Principal Act is amended in Section 4, adjusting various figures and dates to reflect the extended period. The obligations and requirements imposed by the Act on the parties or entities it governs are primarily concerned with the duration of certain provisions within the Principal Act. By extending the period from five years to six years in sections two and three, the Act imposes an obligation on those subject to the bounty to comply with the extended timeframes. The amendments in the Schedule ensure consistency across the document, reflecting the six-year period in all relevant sections. The changes aim to provide clarity and ensure that all references within the Act are aligned with the extended duration. There are no specific offences, penalties, or civil/criminal consequences outlined in the Act for breach. The amendments made by the Act are primarily structural, extending certain timeframes and ensuring consistency across the document. The Act does not introduce new obligations or penalties, but rather refines existing provisions to better align with the extended duration. The lack of explicit penalties or consequences suggests that the primary focus of the Act is to clarify and extend existing provisions rather than to enforce new regulations or impose sanctions for non-compliance.