(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.