Interpretation in this Part

(1) In this Part, unless the context otherwise requires, “Chargeable Revenue” means the aggregate of all proceeds of sales and other dispositions of crude oil above the Threshold Price, whether in cash or in kind, or whether actually received or accrued without any deduction save and except the following CAP. 225. (a) Royalty paid to the Government by a contractor under section 31 of the Petroleum Act and in accordance with the terms of a Production Sharing Agreement in respect of sales and other dispositions of crude oil above the Threshold Price; and (b) Production Share paid to the Government by a contractor in accordance with the terms of a Production Sharing Agreement in respect of sales and other dispositions of crude oil above the Threshold Price; 2Sections 122 to 133 in this Part were inserted by Act No. 12 of 2008. 97 “Class A Contractor” means a contractor who is in commercial production of petroleum at 1st day of September, 2008; “Class B Contractor” means a contractor other than a Class A Contractor; “Cost-recovery period” means the period specified in section 127 of this Act, during which a contractor will be exempt from the payment of petroleum surcharge under this Part; “Existing Oil Field” means the oil field which is in commercial production at 1st day of September 2008; “Government” means the Government of Belize; “New Oil Field” means an oil field which is not an Existing Oil Field as defined in this section; “Threshold Price” means– (a) in the case of a Class A Contractor in respect of an Existing Oil Field -US$90.00 per barrel; (b) in the case of a Class A Contractor in respect of new oil fields on commercial production - US$100.00 per barrel; (c) in the case of a Class B Contractor - US$100.00 per barrel. (2) Other words and expressions used in this Part but not defined herein shall have the meanings respectively assigned to them in Parts I and II of this Act or in the Petroleum Act, unless the context otherwise requires. CAP. 225.