PETROLEUM (ONSHORE) ACT 1991 - SECT 106G Review of assessed deposit by Minister

PETROLEUM (ONSHORE) ACT 1991 - SECT 106G

106G Review of assessed deposit by Minister

(1) If an application for review of the Secretary's assessment of the amount of a security deposit that may be required for a petroleum title is duly made, the Minister is to review the Secretary's assessment.

(2) In conducting a review, the Minister--

(a) is to have regard to any submissions made by the holder of the petroleum title in relation to the assessment the subject of the review, and

(b) otherwise, has the same functions as the Secretary in relation to an assessment.

(3) The review, if conducted by a delegate of the Minister, is not to be conducted by the Secretary or a person who, as the delegate of the Secretary, made the assessment the subject of the review.

(4) Following the review, the Minister may--

(a) affirm the Secretary's assessment, or

(b) amend the Secretary's assessment, or

(c) set aside the Secretary's assessment and substitute a new assessment.

(5) An assessment, or an amendment to an assessment, that is made by the Minister has the same effect as an assessment, or an amendment, made by the Secretary. However, the assessment or amendment is not reviewable under this section.

(6) Any action taken by the Minister under this section does not affect--

(a) the validity of any security deposit condition imposed or varied before the action was taken, or

(b) liability for an administrative levy that arose before that action was taken.

(7) However, if the Minister makes a new assessment, or amends an assessment, the Minister may--

(a) vary a security deposit condition in accordance with the assessment or amendment, and

(b) direct the Secretary to reassess any administrative levy payable for an affected petroleum title, and for which liability arose before the Minister's assessment or amendment, in a manner that the Minister considers fair and reasonable.

Note : The amount of the security deposit required in respect of a petroleum title directly affects the administrative levy payable in respect of the petroleum title under Part 7A. In general terms, the levy is one percent of the amount of the security deposit.