PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 89 Applying for potential commercial area

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 89

89 Applying for potential commercial area

(1) The holder of an authority to prospect may apply for a declaration by the Minister that all or a stated part of the area of the authority is a potential commercial area for the authority.

(2) The application must be—

(a) in the approved form; and

(b) accompanied by the fee prescribed under a regulation.

(3) The application may be made—

(a) for more than 1 part of the area of the authority to prospect; and

(b) even if another part of the area of the authority is already a potential commercial area.

(4) However, each part to which the application relates must be part of the same authority to prospect.

(5) The application must include—

(a) a report for, or that includes, the proposed potential commercial area that—

(i) meets the requirements under section 231 for a commercial viability report; and

(ii) is still relevant to the circumstances of the proposed potential commercial area; and

(b) an evaluation program for—

(i) potential petroleum production or storage in the proposed potential commercial area; and

(ii) market opportunities for potential production or storage; and

(c) information about the compliance or noncompliance with the conditions of the authority.

(6) However, subsection (5) (a) does not apply if—

(a) a commercial viability report or an independent viability assessment relates to, or includes the proposed potential commercial area; and

(b) the report or assessment is still relevant to the circumstances of the proposed potential commercial area.