PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 492 Replenishment of security

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 492

492 Replenishment of security

(1) This section applies, if—

(a) under section 491 , all or part of the security for a petroleum authority has been used; and

(b) the authority is still in force.

(2) The Minister must give the authority holder a notice—

(a) stating how much of the security has been used; and

(b) directing the holder to, within 30 days after the giving of the notice, replenish the security for the authority up to the higher of the following—

(i) the amount prescribed under a regulation;

(ii) if the notice states that, under section 488 , another amount is required—the other amount.