Commonwealth Consolidated Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 529

Scope

  (1)   This section applies if an application is made for approval of a transfer.

Decision

  (2)   The Titles Administrator must:

  (a)   approve the transfer; or

  (b)   refuse to approve the transfer.

  (2A)   Before deciding whether to approve a transfer of a title, the Titles Administrator may consult with one or more of the following:

  (a)   the Cross - boundary Authority;

  (b)   NOPSEMA;

  (c)   the responsible Commonwealth Minister.

  (2B)   In deciding whether to approve a transfer of a title, the Titles Administrator:

  (a)   must have regard to the matters specified in subsection   (2C); and

  (b)   may have regard to the matters raised in consultations (if any) under subsection   (2A); and

  (c)   may have regard to any other matters the Titles Administrator considers relevant.

  (2C)   The matters are as follows:

  (a)   whether the technical advice and financial resources available to the transferee or transferees are sufficient to:

  (i)   carry out the operations and works that are authorised by the title; and

  (ii)   discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the title;

  (b)   the matters specified in section   695YB as they apply to the transferee or transferees;

  (c)   if the transferee or transferees is a body corporate--the matters specified in section   695YB as they apply to an officer of the body corporate;

  (d)   any other matters prescribed by the regulations.

  (3)   If:

  (a)   the application is for approval of a transfer of a greenhouse gas holding lease or a greenhouse gas injection licence; and

  (b)   the greenhouse gas holding lease or the greenhouse gas injection licence is tied to a petroleum retention lease;

the Titles Administrator must not approve the transfer of the greenhouse gas holding lease or the greenhouse gas injection licence unless:

  (c)   a transfer of the petroleum retention lease has been approved by the Titles Administrator under section   478; and

  (d)   the transfer of the petroleum retention lease is registered under section   479; and

  (e)   both:

  (i)   the instrument of transfer of the petroleum retention lease; and

  (ii)   the instrument of transfer of the greenhouse gas holding lease or greenhouse gas injection licence;

    were executed at or about the same time; and

  (f)   the transferee or transferees of the petroleum retention lease are the same as the transferee or transferees of the greenhouse gas holding lease or greenhouse gas injection licence.

  (4)   If:

  (a)   the application is for approval of a transfer of a greenhouse gas holding lease or a greenhouse gas injection licence; and

  (b)   the greenhouse gas holding lease or the greenhouse gas injection licence is tied to a petroleum production licence;

the Titles Administrator must not approve the transfer of the greenhouse gas holding lease or the greenhouse gas injection licence unless:

  (c)   a transfer of the petroleum production licence has been approved by the Titles Administrator under section   478; and

  (d)   the transfer of the petroleum production licence is registered under section   479; and

  (e)   both:

  (i)   the instrument of transfer of the petroleum production licence; and

  (ii)   the instrument of transfer of the greenhouse gas holding lease or greenhouse gas injection licence;

    were executed at or about the same time; and

  (f)   the transferee or transferees of the petroleum production licence are the same as the transferee or transferees of the greenhouse gas holding lease or greenhouse gas injection licence.

  (5)   The Titles Administrator must, by written notice given to the applicant, notify the applicant of the Titles Administrator's decision.

  (6)   If the Titles Administrator refuses to approve the transfer, the Titles Administrator must make a notation of the refusal in the Register.