sec.118Requirements for grant

sec.118 Requirements for grant

The requirements for grant are each of the following— the applicant is an eligible person; the proposed area of the proposed GHG lease— is appropriate for the authorised activities proposed to be carried out; and contains an adequately identified GHG stream storage site that is adequate for the proposed purpose of the GHG lease; the conditions of the relevant GHG permit have been substantially complied with; the Minister has approved the applicant’s proposed initial development plan for the GHG lease; a relevant environmental authority has been issued; the applicant has established that— GHG stream storage in the GHG lease’s area is or is likely to happen within 5 years after the lease is to take effect; or the applicant has entered into a contract, GHG coordination arrangement or other arrangement for GHG stream storage in the GHG lease’s area (a relevant arrangement ); the applicant has paid the annual rent for the first year of the proposed GHG lease; the applicant has given under section 271 , security for the GHG lease; the Minister is of the opinion that the applicant is capable of carrying out authorised activities for the GHG lease having regard to the applicant’s— financial and technical resources; and ability to carry out GHG stream storage. The matters mentioned in subsection (1) (i) are the capability criteria . A person satisfies the capability criteria if the Minister forms the opinion about the person mentioned in subsection (1) (i) . (sec.118-ssec.1) The requirements for grant are each of the following— the applicant is an eligible person; the proposed area of the proposed GHG lease— is appropriate for the authorised activities proposed to be carried out; and contains an adequately identified GHG stream storage site that is adequate for the proposed purpose of the GHG lease; the conditions of the relevant GHG permit have been substantially complied with; the Minister has approved the applicant’s proposed initial development plan for the GHG lease; a relevant environmental authority has been issued; the applicant has established that— GHG stream storage in the GHG lease’s area is or is likely to happen within 5 years after the lease is to take effect; or the applicant has entered into a contract, GHG coordination arrangement or other arrangement for GHG stream storage in the GHG lease’s area (a relevant arrangement ); the applicant has paid the annual rent for the first year of the proposed GHG lease; the applicant has given under section 271 , security for the GHG lease; the Minister is of the opinion that the applicant is capable of carrying out authorised activities for the GHG lease having regard to the applicant’s— financial and technical resources; and ability to carry out GHG stream storage. (sec.118-ssec.2) The matters mentioned in subsection (1) (i) are the capability criteria . (sec.118-ssec.3) A person satisfies the capability criteria if the Minister forms the opinion about the person mentioned in subsection (1) (i) .