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OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 537 Dealings to which this Part applies

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2006 - SECT 537

Dealings to which this Part applies

    This Part applies to a dealing (other than a transfer of a title) that would have one or more of the effects set out in the table:

 

Effects of dealings

Item

Effect

1

The creation or assignment of an interest in an existing title.

2

The creation or assignment of a right (conditional or otherwise) to the assignment of an interest in an existing title.

3

The determination of the manner in which persons may:

(a) exercise the rights conferred by an existing title; or

(b) comply with the obligations imposed by an existing title; or

(c) comply with the conditions of an existing title;

(including the exercise of those rights, or the compliance with those obligations or conditions, under cooperative arrangements to inject or store greenhouse gas substances).

4

The creation or assignment of an interest in relation to an existing greenhouse gas assessment permit, existing greenhouse gas holding lease or existing greenhouse gas injection licence, where the interest relates to:

(a) a greenhouse gas substance injected or stored under the permit, lease or licence; or

(b) revenue derived as a result of the carrying out of operations authorised by the permit, lease or licence; or

(c) profits derived as a result of the carrying out of operations authorised by the permit, lease or licence; or

(d) a matter specified in the regulations.

5

The creation or assignment of an option (conditional or otherwise) to enter into a dealing, where the dealing would have one or more of the effects referred to in items   1, 2, 3 and 4.

6

The creation or assignment of a right (conditional or otherwise) to enter into a dealing, where the dealing would have one or more of the effects referred to in items   1, 2, 3 and 4.

7

The alteration or termination of a dealing, where the dealing would have one or more of the effects referred to in items   1, 2, 3, 4, 5 and 6.



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