In this part of the law, when we talk about a petroleum permit, we also mean a replacement permit. This means that if you have a replacement permit, it's treated the same as the original petroleum permit.
All the money spent, deductions allowed, and petroleum mining assets that belong to the original permit will now belong to the replacement permit. It's like the replacement permit takes over everything from the original permit.
This rule helps make sure that if you need to replace your permit, you don't lose any of the benefits or responsibilities that came with the original one.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514085.
In this subpart, a reference to a petroleum permit includes a reference to a replacement permit. All expenditure incurred, deductions allowed, and petroleum mining assets that are attributable to the petroleum permit are attributable to the replacement permit.
