(1)In this Chapter “new oil field” means an oil field—
(a)which is a qualifying oil field, and
(b)whose development (in whole or in part) is authorised for the first time on or after 22 April 2009.
(2)If all assets of an oil field which are relevant assets have been decommissioned, there is to be ignored for the purposes of subsection (1)(b) any authorisation in respect of that oil field which occurs before that decommissioning.
(3)Sub-paragraphs (2) to (9) of paragraph 7 of Schedule 1 to OTA 1975 apply for the purpose of determining whether relevant assets of an oil field are decommissioned as they apply for the purpose of determining whether qualifying assets of a relevant area are decommissioned.
(4)For the purposes of this section, an asset is a relevant asset of an oil field if—
(a)it has at any time been a qualifying asset (within the meaning of the Oil Taxation Act 1983) in relation to any participator in the field, and
(b)it has at any time been used for the purpose of winning oil from the field.]
Textual Amendments
F1S. 350 substituted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2011 (c. 11), s. 63(2)