Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if an application to renew a greenhouse gas holding lease has been made under section 347.
Offer document--compliance with conditions etc.
(a) each of the following has been complied with:
(i) the conditions to which the greenhouse gas holding lease is, or has from time to time been, subject;
(ii) the provisions of this Chapter, Chapter 5, Chapter 5A, Chapter 6 and Part 8.1;
(iii) the regulations; 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) permanently 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 10 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 renew the lease.
Note: Section 430 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Offer document--non - compliance with conditions etc.
(i) the conditions to which the greenhouse gas holding lease is, or has from time to time been, subject; or
(ii) the provisions of this Chapter, Chapter 5, Chapter 5A, Chapter 6 and Part 8.1; or
(iii) the provisions of the regulations;
have not been complied with; and
(b) the responsible Commonwealth Minister is satisfied that there are sufficient grounds to warrant the granting of the renewal of the greenhouse gas holding lease; and
(c) 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) permanently 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 10 years;
the responsible Commonwealth Minister may give the applicant a written notice (called an offer document ) telling the applicant that the responsible Commonwealth Minister is prepared to renew the lease.
Note: Section 430 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
(4) Without limiting paragraph (3)(b), in deciding whether to be satisfied that there are sufficient grounds to warrant the granting of the renewal of the lease, the responsible Commonwealth Minister must have regard to:
(a) whether 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
(b) any other matters prescribed by the regulations.