70Minister may give directions if permanent storage viable

70 Minister may give directions if permanent storage viable

(1) This section applies if, after receiving a report under section 69, the Minister is of the opinion that the permanent storage of a greenhouse gas in an underground geological storage formation in the lease area is commercially viable.

(2) The Minister may require the lease holder to apply for an injection and monitoring licence in respect of the lease area.

(3) Such a requirement must be made in writing and must allow the lease holder at least 90 days within which to make the application.

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

Part 5—Greenhouse gas substance injection and monitoring licence

Division 1—Rights conferred by licence

71 Rights conferred by licence

A greenhouse gas substance injection and monitoring licence authorises the holder of the licence, subject to and in accordance with the conditions of the licence—

(a) to carry out greenhouse gas substance injection and monitoring in the licence area; and

(b) to carry out greenhouse gas sequestration formation exploration in the licence area; and

(c) to do any thing in the licence area that is necessary for, or incidental to, those purposes.

Division 2—Application for licence by holders of permits or leases