About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

20 Australian Mining & Petroleum L.J. 1 (2001)

handle is hein.journals/ausreen20 and id is 1 raw text is: RECENT DEVELOPMENTS COMMONWEALTH* TIMOR SEA GAS DEVELOPMENT ACCELERATES: TIMOR GAP TREATY A reorganisation announced in February of the ownership of the Timor Sea gas reserves, including in the Zone of Cooperation set up by the 1989 Treaty between Australia and Indonesia, has paved the way to early development of gas and LNG production. The reorganization will also provide and early revenue stream for the new government of East Timor from 2004. The principles agreed upon by the three companies concerned (Phillips Petroleum, Shell and Woodside) cover supply of gas and marketing of LNG pipeline infrastructure and field optimisation. Production beginning from Bayu Undan in 2004 is proposed in order to supply domestic customers in the Northern Territory and Southern and Eastern Australia, with Greater Sunrise production beginning in 2006. There will be competition between the participants in relation to domestic markets. A major development in relation to LNG production has already emerged with Phillips securing a letter of intent with the US energy group El Paso for the annual supply of 4.8 million tonnes of liquefied natural gas starting in 2005 and running for at least 20 years. The LNG plant will be located at Darwin. Revenue from the Zone of Cooperation is subject to royalty and tax sharing between Australia and East Timor under the Zone of Cooperation Agreement, now being recast to take account of East Timor's independence. The main issue to be settled appears to be the formula for sharing, which under the agreement with Indonesia was set at 50150. UNIFORM CAPITAL ALLOWANCE The Treasurer, the Hon. Peter Costello, has confirmed his statement on 18 December last year that under the proposed Uniform Capital Allowance (UCA) legislation, the existing deduction for the cost of assets used in exploration and prospecting will be retained. The UCA Bill could be introduced into the Parliament early in the May Budget session. NEW SOUTH WALES MINING AND PETROLEUM LEGISLA TIONAMENDMENTACT 2000 The Mining and Petroleum Legislation Amendment Act 2000 (NSW) (APLA Act) received royal assent on 8 December 2000 and came into force on 22 December 2000. It amends the provisions of * Pat Brazil, Special Counsel, Phillips Fox, Canberra. + Gim Tan, Allen Allen & Hemsley.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most