Victorian Current Acts Victorian Current Acts(1) For the purposes of sections 292, 293, 330, 331 and 768(2)(b), the question of whether there is a significant risk that a key greenhouse gas operation will have a significant adverse impact on petroleum exploration operations, or petroleum recovery operations, that are being, or could be, carried on under—
(a) an existing petroleum exploration permit; or
(b) an existing petroleum retention lease; or
(c) an existing petroleum production licence; or
(d) a future petroleum exploration permit; or
(e) a future petroleum retention lease; or
(f) a future petroleum production licence—
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 petroleum exploration operations, or petroleum recovery operations, that are being, or could be, carried on under the permit, lease or licence referred to in whichever of subsection (1)(a), (b), (c), (d), (e) or (f) 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 292, 293, 330, 331 and 768(2)(b), a key greenhouse gas operation will have an adverse impact on petroleum exploration operations, or petroleum recovery operations, that are being, or could be, carried on under—
(a) an existing petroleum exploration permit; or
(b) an existing petroleum retention lease; or
(c) an existing petroleum production licence; or
(d) a future petroleum exploration permit; or
(e) a future petroleum retention lease; or
(f) a future petroleum production licence—
if, and only if, the key greenhouse gas operation will result in—
(g) an increase in the capital costs (other than prescribed costs) of the petroleum exploration operations or petroleum recovery operations; or
(h) an increase in the operating costs (other than prescribed costs) of the petroleum exploration operations or petroleum recovery operations; or
(i) a reduction in the rate of recovery of the petroleum; or
(j) a reduction in the quantity of the petroleum that will be able to be recovered.
(6) For the purposes of sections 292, 293, 330, 331 and 768(2)(b), if there is a risk that a key greenhouse gas operation will have an adverse impact on petroleum exploration operations, or petroleum recovery operations, that are being, or could be, carried on under—
(a) an existing petroleum exploration permit; or
(b) an existing petroleum retention lease; or
(c) an existing petroleum production licence; or
(d) a future petroleum exploration permit; or
(e) a future petroleum retention lease; or
(f) a future petroleum production licence—
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 greenhouse gas operation is less than the amount that, under the regulations, is taken to be the threshold amount.