PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 95 Application of div 7

PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 95

95 Application of div 7

This division applies if the Minister reasonably considers the holder of an authority to prospect should apply for a petroleum lease for all or part of the area of the authority because—

(a) petroleum production in the area—

(i) is currently commercially viable; or

(ii) is likely to become commercially viable within 2 years; or

(b) a natural underground reservoir in the area is, or is likely to have, commercial storage potential.