•   This Part provides for the grant of greenhouse gas holding leases over blocks in an offshore area.

•   A greenhouse gas holding lease authorises the lessee to explore in the lease area for potential greenhouse gas storage formations and potential greenhouse gas injection sites.

•   A greenhouse gas holding lease may be granted to:

  (a)   the holder of a greenhouse gas assessment permit; or

  (b)   the holder of a greenhouse gas injection licence, where no greenhouse gas injection or permanent storage operations have been carried on under the licence; or

  (c)   an unsuccessful applicant for a greenhouse gas injection licence; or

  (d)   the holder of a petroleum retention lease.

•   The main criteria for granting a greenhouse gas holding lease are:

  (a)   an identified greenhouse gas storage formation is wholly situated in the lease area; and

  (b)   the applicant is not currently in a position to inject and permanently store a greenhouse gas substance, but is likely to be in such a position within 15 years.