Commonwealth Consolidated Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 266

Suspension of rights

  (1)   If the Joint Authority is satisfied that it is necessary to do so in the national interest, the Joint Authority must, by written notice given to a petroleum exploration permittee or petroleum retention lessee, suspend, either:

  (a)   for a specified period; or

  (b)   indefinitely;

any or all of the rights conferred by the permit or lease.

Note:   See also section   780 (compensation for acquisition of property).

  (2)   If any rights are suspended under subsection   (1), any conditions that must be complied with in the exercise of those rights are also suspended.

Termination of suspension

  (3)   The Joint Authority may, by written notice given to the permittee or lessee, terminate a suspension of rights under subsection   (1).