Commonwealth Consolidated Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 695K

  (1)   The purposes of the Account are as follows:

  (a)   to pay or discharge the costs, expenses and other obligations incurred by the Commonwealth in connection with the performance of the Titles Administrator's functions or the exercise of the Titles Administrator's powers;

  (b)   to pay any remuneration or allowances payable to:

  (i)   the Titles Administrator; and

  (ii)   APS employees assisting the Titles Administrator under section   695E; and

  (iii)   any consultants engaged under section   695G.

Note:   See section   80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

  (2)   The following amounts must be debited from the Account:

  (a)   if a cash - bid petroleum exploration permit is granted to an applicant in accordance with section   113--an amount equal to the amount specified as the permit price in the offer document given to the applicant;

  (b)   if a deposit paid by an applicant for the grant of a cash - bid petroleum exploration permit is forfeited to the Commonwealth under subsection   260A(2)--an amount equal to the amount of the deposit.

Note 1:   Amounts equal to the amounts mentioned in this subsection are paid into the special account under section   695J. The effect of this subsection is to transfer those amounts from the special account to the general Consolidated Revenue Fund.

Note 2:   Subsection   260A(2) provides for a deposit made by an applicant for the grant of a permit to be forfeited to the Commonwealth if the applicant fails to respond to an offer for the grant of the permit.