Print Options

(1) Revenue due from the direct or indirect participation of the Republic in petroleum operations, including the carried and additional participating interests shall be paid into the Petroleum Holding Fund. 

(2)  The payment into the Petroleum Holding Fund shall be net of

(a) the equity financing cost, including advances and interest of the carried and participating interests of the Republic; and

(b) The cash or the equivalent barrels of oil that shall be ceded to the national oil company out of the carried and participating interests recommended by the Minister and approved by Parliament.

(3) For a period not exceeding fifteen years after the commencement of this Act, the cash or the equivalent in barrels of oil ceded to a national oil company shall

(a) not exceed fifty-five percent of the net cash flow from the carried and participating interests after deducting the equity financing cost under paragraph (a) of subsection (2); and

(b) Be reviewed every three years by Parliament, but Parliament shall in each year approve the programme of activities of the national oil company.