Victorian Current Acts Victorian Current Acts(1) This section sets out a simplified outline of this Part.
(2) It is an offence to explore in the offshore area for a potential greenhouse gas storage formation, or a potential greenhouse gas injection site, except—
(a) under a greenhouse gas assessment permit; or
(b) as otherwise authorised or required by or under this Act.
(3) This Part provides for the grant of greenhouse gas assessment permits over blocks in the offshore area.
(4) A greenhouse gas assessment permit authorises the permittee to explore in the permit area for potential greenhouse gas storage formations and potential greenhouse gas injection sites.
(5) There are 2 types of greenhouse gas assessment permits—
(a) a greenhouse gas assessment permit granted on the basis of work program bidding (a work‑bid greenhouse gas assessment permit );
(b) a greenhouse gas assessment permit granted on the basis of cash bidding (a cash‑bid greenhouse gas assessment permit ).
(6) If an eligible greenhouse gas storage formation is identified in a greenhouse gas permit area, the Minister may declare that the formation is an identified greenhouse gas storage formation.
(7) This section is intended only as a guide to readers as to the general scheme and effect of this Part.