PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 154 Obligation to commence production

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 154

154 Obligation to commence production

(1) A petroleum lease holder must start petroleum production under the lease on or before the later of the following—

(a) the end of 2 years after the lease takes effect;

(b) any production commencement day for the lease.

(2) However, subsection (1) does not apply if the development plan for the lease only provides for natural underground reservoir storage.