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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 331

Grant of greenhouse gas holding lease--offer document

    If:

  (a)   an application for a greenhouse gas holding lease has been made under section   330; 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, or at least one of the identified greenhouse gas storage formations, concerned; and

  (ii)   store the greenhouse gas substance in the identified greenhouse gas storage formation, or 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).


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