Victorian Numbered Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE AMENDMENT ACT 2024 (NO. 42 OF 2024) - SECT 9

After section 67 of the Principal Act insert —

        " 67A     Ownership of petroleum injected and stored in the seabed or subsoil

    (1)     Subject to subsection (2), the ownership of petroleum that is injected into a natural reservoir under a petroleum production licence remains with the licensee or other person who owned the petroleum immediately before its injection ( owner ) and is not subject to any rights of other persons (other than a person to whom the owner transfers, assigns or otherwise disposes of the petroleum or an interest in the petroleum).

    (2)     If a petroleum production licence is cancelled or surrendered, the Crown becomes the owner of any petroleum that has been injected into and is stored in a natural reservoir under the licence.".