Related Commentary  

114(1)  This section applies only in relation to oil consisting of gas and references in the following provisions of this section to oil shall be construed accordingly.

114(2)  In any case where, under a contract for the sale of oil won from an oil field, the consideration includes any sum–

(a)which is payable by the buyer in respect of a quantity of oil to be delivered at a specified time or in a specified period, and

(b)which is payable whether or not the buyer takes delivery of the whole of the oil at that time or in that period, and

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