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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2010 - SECT 363

Renewal of greenhouse gas holding lease—offer document

    (1)     This section applies if an application to renew a greenhouse gas holding lease has been made under section 362.

    (2)     The Minister must give the applicant a written notice (called an offer document ) telling the applicant that the Minister is prepared to renew the lease if—

        (a)     each of the following has been complied with—

              (i)     the conditions to which the greenhouse gas holding lease is, or has from time to time been, subject;

              (ii)     the provisions of this Chapter, Chapter 5, Chapter 6 and Part 8.1;

              (iii)     the regulations; and

        (b)     the Minister is satisfied that the applicant is not, at the time of the application, in a position to—

              (i)     inject a greenhouse gas substance into the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned; and

              (ii)     permanently store the greenhouse gas substance in the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned—

        but is likely to be in such a position within 10 years.

Note

Section 462 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).

    (3)     The Minister may give the applicant a written notice (called an offer document ) telling the applicant that the Minister is prepared to renew the lease if—

        (a)     any of—

              (i)     the conditions to which the greenhouse gas holding lease is, or has from time to time been, subject; or

              (ii)     the provisions of this Chapter, Chapter 5, Chapter 6 and Part 8.1; or

              (iii)     the provisions of the regulations—

        have not been complied with; and

        (b)     the Minister is satisfied that there are sufficient grounds to warrant the granting of the renewal of the greenhouse gas holding lease; and

        (c)     the Minister is satisfied that the applicant is not, at the time of the application, in a position to—

              (i)     inject a greenhouse gas substance into the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned; and

              (ii)     permanently store the greenhouse gas substance in the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned—

        but is likely to be in such a position within 10 years.

Note

Section 462 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).



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