Section CT 7 — Income Tax Act 2007: Meaning of petroleum mining asset

CT 7 Meaning of petroleum mining asset Meaning (1) Petroleum mining asset means— (a) a petroleum permit: (b) an asset that— (i) is acquired by a petroleum miner for the purpose of carrying on an activity described in subsection (3) in a permit area or areas; and (ii) has an estimated useful life that depends on, and is no longer than, the remaining life of the petroleum permit for the area or areas: (c) a share or partial interest in an asset described in paragraph (a) or (b). Exclusion (2) Petroleum mining asset does not include land. Activities: inclusions (3) The activities are those carried out in connection with— (a) developing a permit area for producing petroleum: (b) producing petroleum: (c) processing, storing, or transmitting petroleum before its dispatch to a buyer, consumer, processor, refinery, or user: (d) removal or restoration operations. Activities: exclusions (4) 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: land , permit area , petroleum , petroleum miner , petroleum mining asset , petroleum permit , removal or restoration operations , Compare: 2004 No 35 s CT 7