PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 488 Power to require security for petroleum authority

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 488

488 Power to require security for petroleum authority

(1) The Minister may require the holder of a petroleum authority, or a person who has applied for a petroleum authority, to give the State security for the authority, or proposed authority.

(2) The security must be—

(a) in the form prescribed under a regulation; and

(b) of at least the amount prescribed under a regulation.

(3) The requirement may be made at any time.

(4) However, the requirement does not take effect until the holder or applicant is given—

(a) for a requirement to give security in the form and amount prescribed under subsection (2) —notice of the requirement; or

(b) otherwise—an information notice about the decision to make the requirement.