SCHEDULES

SCHEDULE 44Supplementary charge: reduction for certain new oil fields

Part 8Interpretation

21Small oil field

1

In this Schedule “small oil field” means an oil field which has reserves of oil of 3,500,000 tonnes or less.

2

For the purposes of this paragraph and paragraph 24(2)—

a

the amount of reserves of oil which an oil field has is to be determined on the authorisation day;

b

1,100 cubic metres of gas at a temperature of 15 degrees celsius and pressure of one atmosphere is to be counted as equivalent to one tonne.