Sentences with phrase «onshore oil and gas extraction»
Not exact matches
Federal Petroleum Resource Rent Tax (PRRT) All onshore and offshore oil and gas extraction projects are required to pay the federal Petroleum Resource Rent Tax (PRRT), but this is intended to be a «super profits» tax payable only after all exploration, establishment, and operational costs have been recovered.
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Since 2012 the PRRT applies to both onshore and offshore oil and gas, but it is set up as a tax on profits after all the exploration and extraction costs have been recouped, so it is usually many years before there is any benefit to Australia from the PRRT.