PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 148 Power to require relinquishment

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 148

148 Power to require relinquishment

(1) This section applies if the proposed plan provides for a significant change that is a cessation or reduction of petroleum production.

(2) The Minister may approve the proposed plan, but—

(a) decide (a
"deferral decision" )—

(i) to defer the taking of effect of the approval until the petroleum lease holder relinquishes, by a lodged notice, a stated part or percentage of the area of the lease on or before a stated day; and

(ii) that the decision to approve the proposed plan is replaced by a decision not to approve it if the notice is not lodged on or before the stated day; or

(b) impose a condition on the lease requiring its holder to relinquish, by a lodged notice, a stated part or percentage of the area of the lease at stated times or intervals.

(3) The public interest must be considered before making a deferral decision or imposing the condition.

(4) A relinquishment under subsection (2) (a) (i) takes effect on the day after the notice is lodged.