Commonwealth Consolidated Regulations

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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE (RESOURCE MANAGEMENT AND ADMINISTRATION) REGULATIONS 2011 - REG 3.05

Title assessment report for part of a year

             (1)  This regulation applies if:

                     (a)  a title ceases to be in force (whether because the title has expired or because the title has been surrendered, cancelled, revoked or terminated); and

                     (b)  the term of the title was not a whole number of years.

Note:          This regulation may apply when a title has been renewed.  The renewal of a title is taken to be the grant of a new title on the day after the expiry of the previous title--see section 11 of the Act.

             (2)  The Regulator may, by notice in writing, require the titleholder to give a title assessment report to the Regulator for the period at the end of the term that was not a year of the term.

             (3)  The notice must specify:

                     (a)  the information that must be provided in the report; and

                     (b)  the date by which the report must be given.

             (4)  For paragraph (3)(a), only information that would be required from the titleholder in an annual title assessment report under regulation 3.03 may be specified.

             (5)  For paragraph (3)(b), the date must be at least 30 days after the day that the notice is given.

Offence - failure to give report when required

             (6)  A titleholder commits an offence if:

                     (a)  the Regulator gives the titleholder a notice under subregulation (2); and

                     (b)  the titleholder does not comply with the notice.

Penalty:  60 penalty units.



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