OT05302 - PRT: valuation methods - dependence upon kind of oil being valued
Each kind of oil disposed of non-arm바카라 사이트檚 length (or appropriated) is valued separately. (Note that 바카라 사이트渙il바카라 사이트� is defined in OTA75\S1(1)*; this definition is much wider than the normal usage of the word 바카라 사이트渙il바카라 사이트� as used in the context of the phrase 바카라 사이트淣orth Sea Oil바카라 사이트�).
The first major distinction is between oil (in the commonly understood sense) and gas (called 바카라 사이트渓ight gases바카라 사이트� for tax purposes).
바카라 사이트淟ight gases바카라 사이트� are defined in OTA75\S12 as oil consisting of gas of which the largest component by volume over any chargeable period, measured at 15 degrees centigrade and one atmosphere, is methane or ethane or a combination of those gases. This definition covers most gas which needs to be valued apart from LPG and perhaps some raw gas. Following the amendments to S2(5) and Sch3 made by FA94, light gases are valued on a different basis to other kinds of oil (see OT05375 to OT05425).
Oil that is not light gas is then divided into different kinds of oil. A 바카라 사이트渒ind of oil바카라 사이트� is a recognised blend from different fields such as Brent or Forties, oil from a single or group of fields such as Statfjord or Alba, a recognised product such as butane or propane, or a condensate from a specified terminal such as Braefoot Bay.
For practical purposes of calculation, these kinds of oil are divided in two categories based upon whether they have widely commercially available published price assessment or not.
Footnote:
* S1(1)바카라 사이트�; and in this Part of this Act 바카라 사이트渙il바카라 사이트� means any substance so won or capable of being so won other than methane gas won in the course of operations for making and keeping mines safe.