Victorian Current Acts

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Simplified outline

    (1)         This section sets out a simplified outline of this Chapter.

    (2)     This Part provides for the grant of greenhouse gas holding leases over blocks in the offshore area.

    (3)     A greenhouse gas holding lease authorises the lessee to explore in the lease area for potential greenhouse gas storage formations and potential greenhouse gas injection sites.

    (4)     A greenhouse gas holding lease may be granted to—

        (a)         the holder of a greenhouse gas assessment permit; or

        (b)     the holder of a greenhouse gas injection licence, where no greenhouse gas injection or permanent storage operations have been carried on under the licence; or

        (c)     an unsuccessful applicant for a greenhouse gas injection licence; or

        (d)     the holder of a petroleum retention lease.

    (5)     The main criteria for granting a greenhouse gas holding lease are—

        (a)         an identified greenhouse gas storage formation is wholly situated in the lease area; and

        (b)     the applicant is not currently in a position to inject and permanently store a greenhouse gas substance, but is likely to be in such a position within 15 years.

    (6)     This section is intended only as a guide to readers as to the general scheme and effect of this Chapter.

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