PETROLEUM ACT 1998 - SECT 44 Minister may require review of commercial viability

PETROLEUM ACT 1998 - SECT 44

    (1)     The Minister may require the holder of a retention lease to re-evaluate the commercial viability of petroleum production in the lease area and to report to the Minister in writing the results of the re-evaluation.

    (2)     In making such a requirement, the Minister—

        (a)     must make the requirement by giving the holder of the lease written notice of the requirement; and

        (b)     must allow the holder of the lease at least 90 days within which to comply with the requirement; and

        (c)     cannot require the holder of the lease to make any wells.

    (3)     The Minister may, on the written application of the holder of a lease, allow the holder of the lease more time within which to comply with a requirement made under this section.

    (4)     The Minister may not make a requirement under this section if the holder of the lease has already complied with a requirement made under this section on 2 occasions in the 5 years immediately before the making of the requirement.

    (5)     If the holder of a lease fails to comply with a requirement made under this section, the Minister may cancel the lease.