Victorian Numbered Acts

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE (CROSS-BOUNDARY GREENHOUSE GAS TITLES AND OTHER MATTERS) AMENDMENT ACT 2021 (NO. 26 OF 2021) - SECT 28

For section 357(1) of the Principal Act substitute —

    "(1)     This section applies if—

        (a)     a petroleum retention lease is in force; and

        (b)     one or more identified greenhouse gas storage formations are wholly situated in the lease area.

    (1A)     If     —

        (a)     a single identified greenhouse gas storage formation extends to—

              (i)     only one block in the lease area; or

              (ii)     2 or more blocks in the lease area; and

        (b)     none of the following is in force over the block or blocks to which the identified greenhouse gas storage formation extends—

              (i)     a greenhouse gas injection licence;

              (ii)     a greenhouse gas holding lease;

              (iii)     a greenhouse gas assessment permit—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the block or blocks to which the identified greenhouse gas storage formation extends.

    (1B)     If—

        (a)     2 or more identified greenhouse gas storage formations, when considered together, extend to only one block in the lease area; and

        (b)     a vertical line would not pass through a point in each of those identified greenhouse gas storage formations; and

        (c)         none of the following is in force over the block to which the identified greenhouse gas storage formations, when considered together, extend—

              (i)     a greenhouse gas injection licence;

              (ii)     a greenhouse gas holding lease;

              (iii)     a greenhouse gas assessment permit—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the block to which the identified greenhouse gas storage formations, when considered together, extend.

    (1C)     If—

        (a)     2 or more identified greenhouse gas storage formations, when considered together, extend to—

              (i)     only one block in the lease area; or

              (ii)     2 or more blocks in the lease area; and

        (b)     a vertical line would pass through a point in each of those identified greenhouse gas storage formations; and

        (c)     none of the following is in force over the block or blocks to which the identified greenhouse gas storage formations, when considered together, extend—

              (i)     a greenhouse gas injection licence;

              (ii)     a greenhouse gas holding lease;

              (iii)     a greenhouse gas assessment permit—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the block or blocks to which the identified greenhouse gas storage formations, when considered together, extend.

    (1D)     If—

        (a)     2 or more identified greenhouse gas storage formations, when considered together, extend to 2 or more blocks in the lease area; and

        (b)     a vertical line would not pass through a point in each of those identified greenhouse gas storage formations; and

        (c)     for each identified greenhouse gas storage formation, at least one of the blocks to which the identified greenhouse gas storage formation extends immediately adjoins a block to which the other, or another, of those identified greenhouse gas storage formations extends; and

        (d)     none of the following is in force over the blocks to which the identified greenhouse gas storage formations, when considered together, extend—

              (i)     a greenhouse gas injection licence;

              (ii)     a greenhouse gas holding lease;

              (iii)     a greenhouse gas assessment permit—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the blocks to which the identified greenhouse gas storage formations, when considered together, extend.

    (1E)     For the purposes of subsection (1D), a block immediately adjoins another block if the graticular section that constitutes or includes that block and the graticular section that constitutes or includes that other block—

        (a)     have a side in common; or

        (b)     are joined together at one point only.".