Wooooo Hooooo Go BPH :)$$$$$$, page-963

Don't mind me - I'm just connecting a few more dots and dollars...

This extract is from a briefing paper on Pep 11 written by Daniel Montoya 01/2011
https://www.parliament.nsw.gov.au/researchpapers/Pages/offshore-petroleum-exploration-and-mining.aspx

Regulatory regime: petroleum royalties and taxationPetroleum resources in Commonwealth waters are subject to the Commonwealth Petroleum Resource Rent Tax. Petroleum resources in NSW coastal waters may be subject to the Commonwealth crude oil excise and NSW royalty provisions. NSW petroleum royalties are calculated at 10% of the well head value, less allowable deductions. The Commonwealth Government receives a portion of this royalty according to a formula set in the Petroleum (Offshore) Act 1982 (NSW). Given that the majority of PEP 11 is located within Commonwealth waters, any gas recovered from PEP 11 will most likely be taxed under the Commonwealth Petroleum Resource Rent Tax. [4.5]