Section CT 6B — Income Tax Act 2007: Meaning of petroleum mining operations

CT 6B Meaning of petroleum mining operations Meaning (1) Petroleum mining operations means an activity included in those described in subsection (2) and not excluded by subsection (3). Activities: inclusions (2) The activities are those carried out in connection with— (a) prospecting or exploring for petroleum: (b) developing a permit area for producing petroleum: (c) producing petroleum: (d) processing, storing, or transmitting petroleum before its dispatch to a buyer, consumer, processor, refinery, or user: (e) removal or restoration operations. Activities: exclusions (3) The activities do not include further treatment to which all the following apply: (a) it occurs after the well stream has been separated and stabilised into crude oil, condensate, or natural gas; and (b) it is done— (i) by liquefaction or compression; or (ii) for the extraction of constituent products; or (iii) for the production of derivative products; and (c) it is not treatment at the production facilities. Defined in this Act: permit area , petroleum , removal or restoration operations Compare: 2004 No 35 s CT 6B . Section CT 6B: inserted, on 1 April 2008, by section 327 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).