Petroleum and Other Minerals Development Act, 1960

Right to drill for and take away petroleum not to be a rateable hereditament.

54.—(1) In this section, “oil pool” means an underground natural reservoir containing or appearing to contain an accumulation of petroleum separated or appearing to be separated from any other such reservoir or accumulation in the general geological structure.

(2) For the purposes of the Valuation Acts, the right to drill for and take away petroleum shall be deemed not to be a rateable hereditament in relation to a particular oil pool until the expiration of twenty years from the date on which petroleum was first produced from that oil pool.