Victorian Current Acts Victorian Current Acts(1) For the purposes of sections 79, 80, 83, 123, 124, 127, 157, 158, 161 and 768(2)(a), the question of whether there is a significant risk that a key petroleum operation will have a significant adverse impact on—
(a) operations for the injection of a greenhouse gas substance; or
S. 27(1)(b) amended by No. 26/2021 s. 5(1)(a).
(b) operations for the storage of a greenhouse gas substance; or
S. 27(1)(c) inserted by No. 26/2021 s. 5(1)(b).
(c) operations for the injection of a greenhouse gas substance that are being, or could be, carried on under a cross‑boundary greenhouse gas title; or
S. 27(1)(d) inserted by No. 26/2021 s. 5(1)(b).
(d) operations for the storage of a greenhouse gas substance that are being, or could be, carried on under a cross‑boundary greenhouse gas title—
is to be determined in a manner ascertained in accordance with the regulations.
(2) A manner ascertained in accordance with regulations made for the purposes of subsection (1) must take into account—
(a) the probability, or range of probabilities, of the occurrence of the adverse impact; and
(b) the economic consequences of the adverse impact; and
(c) the economic consequences of the adverse impact relative to the potential economic value of the operations referred to in whichever of subsection (1)(a) or (b) is applicable.
(3) Subsection (2) does not limit the matters that may be taken into account.
(4) Subsections (1) and (2) have effect subject to subsections (5) and (6).
(5) For the purposes of sections 79, 80, 83, 123, 124, 127, 157, 158, 161 and 768(2)(a), a key petroleum operation will have an adverse impact on—
(a) operations for the injection of a greenhouse gas substance; or
S. 27(5)(b) amended by No. 26/2021 s. 5(2)(a).
(b) operations for the storage of a greenhouse gas substance; or
S. 27(5)(ba) inserted by No. 26/2021 s. 5(2)(b).
(ba) operations for the injection of a greenhouse gas substance that are being, or could be, carried on under a cross‑boundary greenhouse gas title; or
S. 27(5)(bb) inserted by No. 26/2021 s. 5(2)(b).
(bb) operations for the storage of a greenhouse gas substance that are being, or could be, carried on under a cross‑boundary greenhouse gas title—
(the relevant greenhouse gas operations ) if, and only if, the key petroleum operation will result in—
(c) an increase in the capital costs (other than prescribed costs) of the relevant greenhouse gas operations; or
(d) an increase in the operating costs (other than prescribed costs) of the relevant greenhouse gas operations; or
(e) a reduction in the rate of injection of the greenhouse gas substance; or
(f) a reduction in the quantity of the greenhouse gas substance that will be able to be stored.
(6) For the purposes of sections 79, 80, 83, 123, 124, 127, 157, 158, 161 and 768(2)(a), if there is a risk that a key petroleum operation will have an adverse impact on—
(a) operations for the injection of a greenhouse gas substance; or
S. 27(6)(b) amended by No. 26/2021 s. 5(3)(a).
(b) operations for the storage of a greenhouse gas substance; or
S. 27(6)(c) inserted by No. 26/2021 s. 5(3)(b).
(c) operations for the injection of a greenhouse gas substance that are being, or could be, carried on under a cross‑boundary greenhouse gas title; or
S. 27(6)(d) inserted by No. 26/2021 s. 5(3)(b).
(d) operations for the storage of a greenhouse gas substance that are being, or could be, carried on under a cross‑boundary greenhouse gas title—
then that risk is not to be treated as significant, and that adverse impact is not to be treated as significant, if the amount that, under the regulations, is taken to be the probability-weighted impact cost of the key petroleum operation is less than the amount that, under the regulations, is taken to be the threshold amount.