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PETROLEUM (OFFSHORE) ACT 1982 - SECT 97

Conditions relating to insurance

97 Conditions relating to insurance

(1) The holder of a permit, lease, licence or pipeline licence must maintain, as directed by the Minister from time to time, insurance against expenses or liabilities or specified things arising in connection with, or as a result of, the carrying out of work, or the doing of any other thing, under the permit, lease, licence or pipeline licence, including expenses of complying with directions with respect to the clean-up or other remedying of the effects of the escape of petroleum.
(2) The conditions subject to which a special prospecting authority or access authority is granted may include a condition that the holder maintain, as directed by the Minister from time to time, insurance against expenses or liabilities or specified things arising in connection with, or as a result of, the carrying out of work, or the doing of any other thing, under the authority, including expenses of complying with directions with respect to the clean-up or other remedying of the effects of the escape of petroleum.
(3) Where:
(a) a permit, lease, licence or pipeline licence was in force immediately before the commencement of this section, and
(b) the Minister has required the holder to maintain insurance under subsection (1), and
(c) the Minister is satisfied that the required insurance is in effect,
the Minister must issue a certificate that the Minister is so satisfied.
(4) Where the Minister issues a certificate under subsection (3), any security in force in relation to the permit, lease, licence or pipeline licence, being a security that was required under this Act before the commencement of this section, is discharged.
(5) The discharge of a security under subsection (4) has no effect on any liability arising under or in relation to the security before its discharge.



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