PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 161 Conditions for renewal application

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 161

161 Conditions for renewal application

(1) A petroleum lease holder may apply to renew the lease only if none of the following is outstanding—

(a) annual rent for the lease;

(b) a civil penalty under section 156 for nonpayment of annual rent;

(c) interest payable under section 588 on annual rent or a civil penalty;

(d) a royalty-related amount payable by the holder;

(e) security for the lease, as required under section 488 .

(2) Also, the application can not be made—

(a) more than 80 business days before the end of the term of the lease; or

(b) after the lease has ended.

(3) However, the Minister may allow the application to be made up to 2 years before the end of the term of the lease if the Minister is of the opinion that—

(a) a storage agreement is in force for the lease or the holder has negotiated, or is negotiating, a proposed storage agreement for the lease; and

(b) the agreement or proposed agreement will be in force after the proposed renewed lease takes effect.