Commonwealth Consolidated Acts Commonwealth Consolidated ActsSingle identified greenhouse gas storage formation
(1) If:
(a) an application for a greenhouse gas holding lease has been made under subsection 324(2); and
(b) the responsible Commonwealth Minister is satisfied that the applicant is not, at the time of the application, in a position to:
(i) inject a greenhouse gas substance into the identified greenhouse gas storage formation concerned; and
(ii) permanently store the greenhouse gas substance in the identified greenhouse gas storage formation concerned;
but is likely to be in such a position within 15 years; and
(c) the responsible Commonwealth Minister is satisfied that the technical advice and financial resources available to the applicant are sufficient to:
(i) carry out the operations and works that will be authorised by the lease; and
(ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and
(d) the responsible Commonwealth Minister is satisfied of the matters (if any) prescribed by the regulations;
the responsible Commonwealth Minister must give the applicant a written notice (called an offer document ) telling the applicant that the responsible Commonwealth Minister is prepared to grant the applicant a greenhouse gas holding lease over the block or blocks specified in the application.
Note 1: Section 430 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Note 2: If the applicant breaches a requirement under section 429 to provide further information, the responsible Commonwealth Minister may refuse to give the applicant an offer document--see subsection 429(3).
Multiple identified greenhouse gas storage formations
(2) If:
(a) an application for a greenhouse gas holding lease has been made under subsection 324(3), (4) or (5); and
(b) the responsible Commonwealth Minister is satisfied that the applicant is not, at the time of the application, in a position to:
(i) inject a greenhouse gas substance into at least one of the identified greenhouse gas storage formations concerned; and
(ii) permanently store the greenhouse gas substance in at least one of the identified greenhouse gas storage formations concerned;
but is likely to be in such a position within 15 years; and
(c) the responsible Commonwealth Minister is satisfied that the technical advice and financial resources available to the applicant are sufficient to:
(i) carry out the operations and works that will be authorised by the lease; and
(ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and
(d) the responsible Commonwealth Minister is satisfied of the matters (if any) prescribed by the regulations;
the responsible Commonwealth Minister must give the applicant a written notice (called an offer document ) telling the applicant that the responsible Commonwealth Minister is prepared to grant the applicant a greenhouse gas holding lease over the block or blocks specified in the application.
Note 1: Section 430 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Note 2: If the applicant breaches a requirement under section 429 to provide further information, the responsible Commonwealth Minister may refuse to give the applicant an offer document--see subsection 429(3).