Subject to this Act, if petroleum is recovered by a permittee, lessee or licensee in the permit area, lease area or licence area:(a) the petroleum becomes the property of the permittee, lessee or licensee, and(b) it is not subject to any rights of other persons (other than any person to whom the permittee, lessee or licensee transfers, assigns or otherwise disposes of the petroleum or an interest in the petroleum).
Petroleum (Submerged Lands) Act 1982 No 23