PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 92 Term of declaration

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 92

92 Term of declaration

(1) Subject to section 93 , a declaration of a potential commercial area continues in force for—

(a) 15 years from the making of the declaration; or

(b) if the declaration states a shorter period during which it is to be in force—the shorter period.

(2) The matters that must be considered in deciding the shorter period include—

(a) when any petroleum discovery was made; and

(b) any commercial viability report or independent viability assessment for, or that includes, the proposed potential commercial area.

(3) Despite subsection (1) , the declaration ceases if the authority to prospect holder lodges a notice that the holder no longer wishes the area to be a potential commercial area.

Note—

See also section 102 (Effect of ending of declaration of potential commercial area).