sec.21Required level of knowledge about resources or reserves of petroleum— Act , s 318BA

sec.21 Required level of knowledge about resources or reserves of petroleum— Act , s 318BA

This section prescribes, for section 318BA (1) (c) of the Act , the required level of knowledge about a resource or reserve (the deposit ) of petroleum in the land. The Minister must be satisfied that— at least 20% of the deposit is a proved or probable reserve under the relevant codes; and the remainder of the deposit, if any, is a low or best estimate contingent resource under the relevant codes. Also, for a deposit of coal seam gas, the Minister must be satisfied that— there is adequate geological continuity for each coal seam ( relevant coal seam ) in relation to which the deposit occurs; and there is adequate data to establish each of the following— the composition of the gas in the natural underground reservoir; the volume of the gas in the natural underground reservoir in relation to the mass of the coal seam; flow rates for the natural underground reservoir, based on information obtained from drill stem or other tests; and sufficient production testing for coal seam gas has been undertaken throughout the deposit in the relevant coal seams to provide adequate certainty in relation to the estimations required under subsection (2) (a) and (b) ; and there are reasonable prospects for the economic production of coal seam gas from the deposit. The Minister may have regard to the JORC code in deciding the amount of data required— for a deposit of coal seam gas—to make estimates of the deposit for subsection (2) (a) and (b) ; or for the Minister to be satisfied of the matters mentioned in subsection (3) (a) to (c) . In this section— JORC code means the professional code of practice called the ‘Australasian code for reporting of exploration results, mineral resources and ore reserves’ published by the Australasian Joint Ore Reserves Committee and available on the department’s website. relevant codes see section 318BA (4) of the Act . (sec.21-ssec.1) This section prescribes, for section 318BA (1) (c) of the Act , the required level of knowledge about a resource or reserve (the deposit ) of petroleum in the land. (sec.21-ssec.2) The Minister must be satisfied that— at least 20% of the deposit is a proved or probable reserve under the relevant codes; and the remainder of the deposit, if any, is a low or best estimate contingent resource under the relevant codes. (sec.21-ssec.3) Also, for a deposit of coal seam gas, the Minister must be satisfied that— there is adequate geological continuity for each coal seam ( relevant coal seam ) in relation to which the deposit occurs; and there is adequate data to establish each of the following— the composition of the gas in the natural underground reservoir; the volume of the gas in the natural underground reservoir in relation to the mass of the coal seam; flow rates for the natural underground reservoir, based on information obtained from drill stem or other tests; and sufficient production testing for coal seam gas has been undertaken throughout the deposit in the relevant coal seams to provide adequate certainty in relation to the estimations required under subsection (2) (a) and (b) ; and there are reasonable prospects for the economic production of coal seam gas from the deposit. (sec.21-ssec.4) The Minister may have regard to the JORC code in deciding the amount of data required— for a deposit of coal seam gas—to make estimates of the deposit for subsection (2) (a) and (b) ; or for the Minister to be satisfied of the matters mentioned in subsection (3) (a) to (c) . (sec.21-ssec.5) In this section— JORC code means the professional code of practice called the ‘Australasian code for reporting of exploration results, mineral resources and ore reserves’ published by the Australasian Joint Ore Reserves Committee and available on the department’s website. relevant codes see section 318BA (4) of the Act .