Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008 (117 of 2008)

Schedule 1   Amendments relating to greenhouse gas storage etc.

Offshore Petroleum Act 2006

122   At the end of section 114

Add:

Declared retention leases - approval of key petroleum operations

(11) A declared retention lease is subject to the condition that the lessee will not carry on key petroleum operations under the lease unless the responsible Commonwealth Minister has approved the operations under section 114A.

(12) Despite subsection (2), the condition mentioned in subsection (11) does not need to be specified in the lease.

(13) If, under section 114A, the responsible Commonwealth Minister approves the carrying on of one or more key petroleum operations under a declared retention lease, the responsible Commonwealth Minister may, by written notice given to the lessee, vary the lease by imposing one or more conditions to which the lease is subject.

(14) A variation of a declared retention lease under subsection (13) takes effect on the day on which notice of the variation is given to the lessee.

(15) A condition imposed under subsection (13) may require the lessee to ensure that:

(a) all wells; or

(b) one or more specified wells;

made in the lease area by any person engaged or concerned in operations authorised by the lease are made in a manner, and to a standard, that will facilitate the plugging or closing off of the wells in a way that restores or maintains the suitability of a part of a geological formation for the permanent storage of greenhouse gas substances.

(16) Subsection (15) does not limit:

(a) subsection (13); or

(b) Part 4.2; or

(c) Part 4.3.

(17) If:

(a) a declared retention lease is subject to a condition; and

(b) the condition was imposed under subsection (13);

the responsible Commonwealth Minister may, by written notice given to the lessee, vary or revoke the condition.

(18) A variation of a declared retention lease under subsection (17) takes effect on the day on which notice of the variation is given to the lessee.

(19) Subsection (18) does not limit section 227.