Victorian Current Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2010 - SECT 571

    (1)     This section applies if an application is made for approval of a transfer.

    (2)     The Minister must—

        (a)     approve the transfer; or

        (b)     refuse to approve the transfer.

    (3)     If—

        (a)     the application is for approval of a transfer of a greenhouse gas holding lease or a greenhouse gas injection licence; and

        (b)     the greenhouse gas holding lease or the greenhouse gas injection licence is tied to a petroleum retention lease—

the Minister must not approve the transfer of the greenhouse gas holding lease or the greenhouse gas injection licence unless—

        (c)     a transfer of the petroleum retention lease has been approved by the Minister under section 513; and

        (d)     the transfer of the petroleum retention lease is registered under section 514; and

        (e)     both—

              (i)     the instrument of transfer of the petroleum retention lease; and

              (ii)     the instrument of transfer of the greenhouse gas holding lease or greenhouse gas injection licence—

        were executed at or about the same time; and

        (f)     the transferee or transferees of the petroleum retention lease are the same as the transferee or transferees of the greenhouse gas holding lease or greenhouse gas injection licence.

    (4)     If—

        (a)     the application is for approval of a transfer of a greenhouse gas holding lease or a greenhouse gas injection licence; and

        (b)     the greenhouse gas holding lease or the greenhouse gas injection licence is tied to a petroleum production licence—

the Minister must not approve the transfer of the greenhouse gas holding lease or the greenhouse gas injection licence unless—

        (c)     a transfer of the petroleum production licence has been approved by the Minister under section 513; and

        (d)     the transfer of the petroleum production licence is registered under section 514; and

        (e)     both—

              (i)     the instrument of transfer of the petroleum production licence; and

              (ii)     the instrument of transfer of the greenhouse gas holding lease or greenhouse gas injection licence—

        were executed at or about the same time; and

        (f)     the transferee or transferees of the petroleum production licence are the same as the transferee or transferees of the greenhouse gas holding lease or greenhouse gas injection licence.

    (5)     The Minister must, by written notice given to the applicant, notify the applicant of the Minister's decision.

    (6)     If the Minister refuses to approve the transfer, the Minister must make a notation of the refusal in the Register.