PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 226 State property in stored petroleum or prescribed storage gas in particular circumstances

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 226

226 State property in stored petroleum or prescribed storage gas in particular circumstances

Any of the stored petroleum or prescribed gas that a current owner owns becomes the property of the State—

(a) if the current owner gives an ownership relinquishment notice for it; or

(b) on the fifth anniversary of the making of the decision under section 215 , unless, before that anniversary—

(i) a petroleum lease the area of which includes the reservoir is granted; and

(ii) the lease takes effect.