New South Wales Consolidated Acts

PETROLEUM (ONSHORE) ACT 1991 - SECT 16

16 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 security (in such amount and 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 and to maintain that security until those obligations are fulfilled or no longer apply.

(2) A condition requiring security 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) If the Minister proposes to grant a petroleum title to a person on the condition that the person gives and maintains security, the Minister may cause a written notice to be served on the person requiring the person to lodge the security with the Minister on or before the date specified in the notice.

(4) 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.

(5) 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 to be given and maintained.

(6) 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.

(7) 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.