Petroleum Excise (Prices) Amendment Regulations 2008 (No. 1)1

Select Legislative Instrument 2008 No. 241

I, QUENTIN BRYCE, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Petroleum Excise (Prices) Act 1987.

Dated 28 November 2008

QUENTIN BRYCE

Governor‑General

By Her Excellency’s Command

CHRIS BOWEN

Assistant Treasurer

1 Name of Regulations

  These Regulations are the Petroleum Excise (Prices) Amendment Regulations 2008 (No. 1).

2 Commencement

  These Regulations are taken to have commenced at midnight (by legal time in the Australian Capital Territory) on 13 May 2008.

3 Amendment of Petroleum Excise (Prices) Regulations 1988

  Schedule 1 amends the Petroleum Excise (Prices) Regulations 1988.

Schedule 1 Amendments

(regulation 3)

[1] Subregulation 2 (1), after definition of acquisition

insert

condensate producer means an oil producer as defined in subsection 4 (1) of the Act, as modified in accordance with subsection 5A (3) of the Act.

[2] Subregulation 2 (1), definition of effective credit day

omit

crude petroleum oil,

insert

crude petroleum oil or condensate,

[3] Subregulation 2 (1), definition of f.o.b. contract

substitute

f.o.b. contract means a contract for the sale of a quantity of crude petroleum oil by the oil producer, or condensate by the condensate producer, under which:

 (a) the oil or condensate is to be loaded on a ship or ships; and

 (b) the producer bears none of the costs of the following:

 (i) freight;

 (ii) insurance;

 (iii) demurrage at the port of destination;

 (iv) lighterage at the port of destination;

 (v) wharfage at the port of destination;

 (vi) heating of the oil or condensate;

 (vii) bunkers;

  in relation to the transport of that oil or condensate to the purchaser after the oil or condensate is loaded.

[4] Subregulation 2 (1), definition of sale price

substitute

sale price:

 (a) in relation to a contract for the sale of a quantity of crude petroleum oil by an oil producer, means the total amount payable to the producer under that contract for that quantity of oil; and

 (b) in relation to a contract for the sale of a quantity of condensate by a condensate producer, means the total amount payable to the producer under that contract for that quantity of condensate.

[5] Subregulation 2 (3)

omit

crude petroleum oil

insert

crude petroleum oil, or for the sale of condensate,

[6] Regulation 2A, heading

substitute

2A Oil producing regions and VOLWARE commencement dates — crude petroleum oil

[7] After regulation 2A

insert

3 Oil producing regions and VOLWARE commencement dates — condensate

 (1) For the definitions of oil producing region and production area in subsection 4 (1) of the Act:

 (a) if 1 production area is mentioned in column 3 of an item in Schedule 2, that production area is the oil producing region mentioned in column 2 of the item; and

 (b) if more than 1 production area is mentioned in column 3 of an item in Schedule 2, those production areas, together, are the oil producing region mentioned in column 2 of the item.

 (2) Two or more oil producing regions may have the same name, based on being composed of different production areas.

 (3) For the definition of VOLWARE commencement date in subsection 4 (1) of the Act, as modified in accordance with section 5A of the Act, the date specified in column 4 of an item in Schedule 2 is the VOLWARE commencement date in relation to excisable condensate obtained from the oil producing region specified in column 2 of that item.

[8] Subregulation 4 (1)

omit

by an oil producer of excisable crude petroleum oil produced from an area (except a limited production area), entered for home consumption in a month, in respect of each transaction concerning the oil:

insert

in respect of each transaction concerning excisable crude petroleum oil or excisable condensate that has been entered for home consumption in a month and was not produced from a limited production area:

[9] Subparagraph 4 (1) (f) (ii)

omit

that date

insert

the date

[10] Subregulation 4 (2)

substitute

 (2) For subsection 6 (1) of the Act, if the transaction concerns excisable crude petroleum oil or excisable condensate that has been entered for home consumption, and was produced from a limited production area, the information that must be given to the Minister by the oil producer or condensate producer is the volume of the oil or condensate entered for home consumption by the producer in each month.

[11] Subregulation 4 (3)

after

oil producer

insert

or condensate producer

[12] Subregulation 4 (4)

after

oil producer

insert

or condensate producer

[13] After regulation 5

insert

5A Transaction prices for condensate: manner of calculating

  Regulation 5 applies in relation to condensate as if:

 (a) a reference to excisable crude petroleum oil were a reference to excisable condensate; and

 (b) a reference to crude petroleum oil were a reference to condensate; and

 (c) a reference to oil were a reference to condensate.

[14] Regulation 6, heading

substitute

6 Transport costs

[15] Subparagraph 6 (1) (a) (vi)

omit

oil;

insert

oil or condensate;

[16] Schedule 1, heading

substitute

Schedule 1 Oil producing regions, production areas and VOLWARE commencement dates — crude petroleum oil

(regulation 2A)

[17] After Schedule 1

insert

Schedule 2 Oil producing regions, production areas and VOLWARE commencement dates — condensate

(regulation 3)

[18] Further amendments

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.