(1) There shall be payable to the Republic royalty in respect of any petroleum produced in Ghana, except as may otherwise be provided in accordance with the terms of a petroleum agreement.

(2) Petroleum produced by the Corporation carrying out petroleum operations pursuant be subsection (3) of section 5 of this Law shall be subject to the payment of royalty at such rates as may be prescribed from time to time.

(3) Petroleum produced pursuant to a petroleum agreement shall be subject to the payment of royalty at such rates as may be specified in such agreement, and the Corporation shall be liable for the payment of such royalty as is due in respect of such petroleum.