Victorian Current Acts Victorian Current Acts(1) This section applies if—
(a) a petroleum retention lessee has been given a notice under section 120(1) during the term of the lease; and
(b) the lessee has carried out, and has informed the Minister of the results of, the re‑evaluation required by the notice; and
(c) the lessee has not made an application to renew the lease; and
(d) after consideration of—
(i) the results of the re‑evaluation referred to in paragraph (b); and
(ii) such other matters as the Minister thinks fit—
the Minister is of the opinion that recovery of petroleum from the lease area is commercially viable.
Note
Section 120(1) deals with re‑evaluation of the commercial viability of petroleum production in the lease area.
(2) The Minister may give the lessee, and such other persons (if any) as the Minister thinks appropriate, a written notice—
(a) telling the recipient of the notice that the Minister—
(i) has formed the opinion that recovery of petroleum from the lease area is commercially viable; and
(ii) proposes to revoke the lease; and
(b) inviting the recipient of the notice to make a written submission to the Minister about the proposal to revoke the lease; and
(c) specifying a time limit for making that submission.
(3) The time limit must be at least 30 days after the notice is given.