Oil and Gas (Enterprise) Act 1982 (Version in vigour from 2017-06-15 to )

CurrencyUnapplied prospective
Coming into Force15 June 2017
(1) The National Oil Account (in this section referred to as “the Account”) shall cease to exist and the amount standing to the credit of the Account shall be paid into the Consolidated Fund.in sections 25(3) and 40(2) (b) (certain sums received by the Secretary of State to be paid into the Account) for references to the Account there shall be substituted references to the Consolidated Fund; andin sections 40(3) (b) and 41(4) (certain sums payable by the Secretary of State to be paid out of the Account) for references to the Account there shall be substituted references to money provided by Parliament.(3) Also in consequence of subsection (1) above, section 40(1) and (4) of that Act and, in section 40(3) , the words “and when” onwards (establishment of the Account, accounts and audit and payment of excess amount into the Consolidated Fund) shall cease to have effect.(4) Nothing in this section shall affect the operation of the said section 40(4) (accounts and audit) in relation to the financial year ending 31st March next before the commencement date.(5) If the commencement date is other than a 1st April, the said section 40(4) and subsection (4) above shall have effect in relation to the period beginning with the immediately preceding 1st April and ending with the date immediately preceding the commencement date as they apply with respect to the financial year mentioned in subsection (4) above subject, however, in the case of the said section 40(4) , to the modification that a copy of the account mentioned in that subsection shall be sent to the Comptroller and Auditor General as soon as possible.(1) The The property in petroleum to which subsection (2) of this section applies at the commencement of this Act, so far as it is not already so vested, is hereby vested in His Majesty ; and His Majesty shall at any time have the exclusive right of searching and boring for and getting petroleum to which that subsection applies at that time.Subject to subsection (3) of this section, this section applies at any time to petroleum which at that time exists in its natural

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