Victorian Current Acts

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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2010 - SECT 695

Minister may vary royalty for greenhouse gas injection and storage

    (1)     On the application of the holder of a greenhouse gas injection licence or a person who has applied for a greenhouse gas injection licence, the Minister may—

        (a)     vary the royalty rate specified (or to be specified) in the licence; or

        (b)     provide that a different method of collecting revenue on the volume of a greenhouse gas substance injected into an identified greenhouse gas storage formation under the licence is to apply.

    (2)     The Minister must consult the Treasurer before varying the licence, or proposed licence, under subsection (1)(a) or (b).



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