PETROLEUM (ONSHORE) ACT 1991 - SECT 106B
Security required to be given
PETROLEUM (ONSHORE) ACT 1991 - SECT 106B
Security required to be given
106B Security required to be given
(1) On granting a petroleum title, the
Minister may impose a condition requiring the holder of the title to give and
maintain a security deposit (in such form, and on or before such date, as the
Minister may determine) for the fulfilment of the holder's obligations under
this Act in respect of the title (including obligations that may arise in the
future) and to maintain that security deposit until those obligations are
fulfilled.
(2) A condition requiring a security deposit to be given and
maintained by the holder of a petroleum title may be expressed so as to
require the security given and maintained in relation to some other
petroleum title to be extended to the firstmentioned petroleum title.
(3) The
Minister may at any time impose a condition of a kind referred to in
subsection (1) on an existing petroleum title that is not subject to any such
condition by causing a written notice to be served on the holder of the
petroleum title.
(4) The Minister may, by causing a written notice to be
served on the holder, amend any 2 or more petroleum titles held by the same
holder that contain a condition of a kind referred to in subsection (1) so as
to require a single security deposit to be given and maintained.
(5) The
Minister may, by causing a written notice to be served on the holder, vary a
condition imposed under this section, so as to vary the amount and form of
security that is required to be given and maintained.
(6) A condition imposed
or varied under this section takes effect on the date the written notice of
the condition or variation is served on the holder concerned, or on such later
date as may be specified in the notice.
(7) A condition may be imposed under
this section in relation to any impact that is the result of work carried out
under the relevant petroleum title, whether or not that impact is in relation
to land over which the petroleum title is to be or was granted.
