Petroleum Authority of Brunei Darussalam Act · 2021 Revised Edition · Part · Financial Provisions
21. Petroleum Authority of Brunei Darussalam Fund
Official textFrom Attorney General's Chambers, unchanged
For the purposes of this Act, there is established a h n d to be known as the Petroleum Authority of Brunei Darussalam Fund into which shall be paid -
petroleum
"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
such moneys as may be allocated from the Consolidated
Fund;
such other moneys or assets as may accrue to or vest in the
Authority in the exercise of its powers or the performance of its functions under this Act;
any revenue generated from any proprietary interest held by the Authority whether movable or immovable, and from the prescription of levies and fees in accordance with the provisions of this
Act and the regulations made thereunder;
research and development contributions, assistance and other annual fees, and penalties from contractors, under a petroleum mining
Agreement;
revenues generated from the imposition of licences or permits on matters under the regulatory purview of this Act. including
Petroleum Authority o f Brunei Darussalam
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for operations conducted pursuant to any petroleum milling Agreement and the operation of any plant;
all commercial income generated by the Authority; and
(gj all such other sums as may be paid to the Authority.
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan. make regulations to provide for levies prescribing the -
Minister
"Minister" means the Minister responsible for petroleum matters: "person' has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
amount payable per cubic metre of crude oil, the amount payable per one thousand cubic metre of marketable natural gas, when the relevant levy may be applied and any other requirements for implementation of the levy; and
amount payable based on produced volume of petroleum products.
Terms defined in s 2
Authority
Defined · s 2"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
Minister
Defined · s 2"Minister" means the Minister responsible for petroleum matters: "person' has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
petroleum
Defined · s 2"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
petroleum mining Agreement
Defined · s 2"petroleum mining Agreement" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
Part
Transfer of Company Petroleum
Part
Transfer of Government Petroleum
Part