PETROLEUM ACT 1998 - SECT 171 Insurance must be held

PETROLEUM ACT 1998 - SECT 171

The holder of an authority must obtain and maintain, as directed by the Minister from time to time, insurance against expenses or liabilities or specified things arising in connection with, or as a result of, the carrying out of operations, or the doing of any other thing, under the authority, including the expenses of complying with directions with respect to the clean-up or other remedying of the effects of the escape of petroleum.

Penalty:     240 penalty units.

Default penalty: 10 penalty units.

Division 2—Rehabilitation bond