PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 91A
PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 91A
91A . Conditions relating to insurance
(1) The registered
holder of a permit, drilling reservation, lease or licence must 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 work, or the doing of any other thing, under the permit,
drilling reservation, lease or licence, including expenses of complying with
directions with respect to the clean-up or other remedying of the effects of
the escape of petroleum or geothermal energy resources, as the case requires.
(2) The conditions
subject to which a special prospecting authority or access authority is
granted may include a condition that the registered holder 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 work, or the doing of any other thing, under the
authority, including expenses of complying with directions with respect to the
clean-up or other remedying of the effects of the escape of petroleum or
geothermal energy resources, as the case requires.
(3) When —
(a) a
permit, drilling reservation, lease or licence was in force immediately before
the commencement of section 41 of the Acts Amendment (Petroleum) Act 1994 ;
and
(b) the
Minister has required the registered holder to maintain insurance under
subsection (1); and
(c) the
Minister is satisfied that the required insurance is in effect,
the Minister shall
issue a certificate to the effect that he is so satisfied.
(4) Where the Minister
issues a certificate under subsection (3), any security in force in relation
to the permit, drilling reservation, lease or licence, being a security that
was required under this Act before the commencement of section 41 of the Acts
Amendment (Petroleum) Act 1994 , is discharged.
(5) The discharge of a
security under subsection (4) has no effect on any liability arising under or
in relation to the security before its discharge.
[Section 91A inserted: No. 28 of 1994 s. 41;
amended: No. 35 of 2007 s. 64.]