Current apportionment percentage
Current apportionment percentage, in relation to an amount of petroleum recovered at a particular time, means:
- 79.9%; or
- if, before that time, the Apportionment Ratio set out in article 7 of the Greater Sunrise unitisation agreement has changed, at least once, because it has been:
- redetermined due to a technical redetermination undertaken in accordance with paragraph 8(1) of the agreement; or
- altered due to an agreement in accordance with paragraph 8(2) of the Greater Sunrise unitisation agreement;
the percentage of the production of petroleum from the Greater Sunrise unit reservoirs that is apportioned to Australia under the Greater Sunrise unitisation agreement immediately after the most recent change to the Apportionment Ratio.
Source: Offshore Petroleum and Greenhouse Gas Storage Act 2006, Australia, amended 2012. Legislation