Petroleum resource definition
Petroleum resource means petroleum, petroleum byproducts, or natural gas.
Petroleum resource means oil and gas. For further certainty, “oil” means:
(i) crude oil, regardless of gravity, produced at a wellhead in liquid form, and
(ii) any other hydrocarbons, except coal and gas, and, without limiting the generality of the foregoing, hydrocarbons that nay be extracted or recovered from deposits of oil sand; bitumen, bituminous sand, oil shale or from any other types of deposits on the surface or subsurface or the seabed or its subsoil, and “gas” means natural gas and includes all substances, other than oil, that are produced in association with natural gas;
Examples of Petroleum resource in a sentence
Petroleum resource constitutes a significant portion of their economy for countries endowed with it.
Petroleum resource rent tax (PRRT) was introduced in 1987 and is imposed by the Petroleum Resource Rent Tax Act 1987 (Cth) in respect of the “taxable profits” of certain petroleum projects.