74Minister may invite tender applications

74 Minister may invite tender applications

(1) The Minister may invite applications for the grant of an injection and monitoring licence in respect of an area if—

(a) in the opinion of the Minister, the area contains an underground geological storage formation that is likely to be geologically suitable for the injection and permanent storage of a greenhouse gas substance; and

(b) the area—

(i) is not the subject of an exploration permit, a retention lease or an injection and monitoring licence; or

(ii) was the subject of an exploration permit, a retention lease or an injection and monitoring licence that has expired or that has been cancelled in respect of that area.

(2) The invitation must specify—

(a) the chief factors that will be considered by the Minister; and

(b) the date by which applications must be made.

(3) The invitation may specify—

(a) that an applicant must specify the amount that it is willing to pay for the grant of the licence; and

(b) the basis on which applications will be primarily decided.