PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 219
Requirement to notify change in ownership
PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 219
Requirement to notify change in ownership
219 Requirement to notify change in ownership
(1) If the claimant ceases to
own any of the stored petroleum or prescribed storage gas, the claimant must
lodge a notice stating—
(a) the name and contact details of any new owner of
the stored petroleum or prescribed storage gas; and
(b) how much of the
stored petroleum or prescribed storage gas the new owner became the owner of.
(2) If the new owner, or anyone who subsequently acquires any of the stored
petroleum or prescribed storage gas, ceases to own any of the stored petroleum
or prescribed storage gas, the new owner or other person must lodge a notice
under subsection (1) .
(3) This section does not apply or ceases to apply
if—
(a) the petroleum or prescribed storage gas ceases to be stored in the
reservoir; or
(b) the claimant or any new owner is granted a petroleum lease
the area of which includes the reservoir; or
(c) a storage agreement is made
for the stored petroleum or prescribed storage gas to which agreement the
claimant or any new owner is a party; or
(d) under section 226, the stored
petroleum or prescribed storage gas becomes the property of the State.
