Capital Allowances Act 2001

552 Meaning of “oil licence” and “interest in an oil licence”U.K.
This section has no associated Explanatory Notes

(1)In this Chapter “oil licence” means a UK oil licence or a foreign oil concession.

(2)In this Chapter “UK oil licence” means a licence under—

(a)Part I of the Petroleum Act 1998 (c. 17) (“the 1998 Act”), or

(b)the Petroleum (Production) Act (Northern Ireland) 1964 (c. 28 (N.I.)) (“the 1964 Act”),

authorising the winning of oil.

(3)In this Chapter “foreign oil concession” means any right which—

(a)is a right to search for or win oil that exists in its natural condition in a place to which neither the 1998 Act nor the 1964 Act applies, and

(b)is conferred or exercisable (whether or not under a licence) in relation to a particular area.

(4)In this Chapter “interest in an oil licence” includes, if there is an agreement which—

(a)relates to oil from the whole or a part of the licensed area, and

(b)was made before the extraction of the oil to which it relates,

any entitlement under the agreement to, or to a share of, that oil or the proceeds of its sale.