Victorian Current Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2010 - SECT 137

If—

        (a)     an application for a petroleum retention lease has been made under section 136; and

        (b)     the Minister is satisfied that recovery of petroleum from the unused area—

              (i)     is not, at the time of the application, commercially viable; and

              (ii)     is likely to become commercially viable within the period of 15 years after that time—

the Minister must give the applicant a written notice (called an offer document ) telling the applicant that the Minister is prepared to grant the applicant a petroleum retention lease over the unused area.

Notes

1     Section 255 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).

2     If the applicant breaches a requirement under section 254 to provide further information, the Minister may refuse to give the applicant an offer document—see section 254(3).