The Oil Taxation (Nomination Scheme for Disposals) (Amendment) Regulations 2007

• Citation: S.I. 2007/1454
• Sections: 3

Section 1 Citation and commencement

These Regulations may be cited as the Oil Taxation (Nomination Scheme for Disposals) (Amendment) Regulations 2007 and shall come into force on 8th June 2007.

Section 2 Amendment of the Oil Taxation (Nomination Scheme for Disposals) Regulations 1987

The Oil Taxation (Nomination Scheme for Disposals) Regulations 1987 are amended as follows.

Section 3 Amendment of the Oil Taxation (Nomination Scheme for Disposals) Regulations 1987

In regulation 2A (excluded oil)—

(a) in paragraph (1) after “Brent-Forties-Oseberg forward contract” insert “or a Brent-Forties-Oseberg-Ekofisk forward contract”

(b) after paragraph (2) insert—

(3) In paragraph (1) “a Brent-Forties-Oseberg-Ekofisk forward contract” means a contract which provides for settlement, at least 21 days after the date on which it is made, by the delivery of a volume of oil comprising, at the seller’s election, Brent blend, Forties blend or oil of Oseberg grade or oil of Ekofisk blend, or a cash payment.