PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 878 Relinquishment condition if converted ATP includes a reduction requirement

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 878

878 Relinquishment condition if converted ATP includes a reduction requirement

(1) This section applies if a converted ATP requires its area to be reduced to a stated number of blocks on or before stated days.

(2) Until the first renewal of the converted ATP after 31 December 2004—

(a) the requirement is the
"relinquishment condition" for the converted ATP; and

(b) the requirement applies instead of chapter 2, part 1, division 4, subdivision 2.

(3) However, the relinquishment condition is taken to include a requirement that, before the first renewal of the converted ATP after 31 December 2004, at least 5% of the transitional notional sub-blocks of the converted ATP must have been relinquished for each 12 month period of its current term.

(4) Also, a relinquishment of a part of the area of the converted ATP that overlaps with the area of a lease under this Act or a 1923 Act lease can not be counted as a relinquishment for the relinquishment condition.