138Declared petroleum retention leases

138 Declared petroleum retention leases

(1) If: (a) a post‑commencement petroleum retention lease is in force; and (b) the responsible Commonwealth Minister is satisfied that there is a significant risk that any of the key petroleum operations that could be carried on under the lease will have a significant adverse impact on: (i) operations for the injection of a greenhouse gas substance; or (ii) operations for the storage of a greenhouse gas substance; that are being, or could be, carried on under: (iii) an existing greenhouse gas assessment permit; or (iv) an existing greenhouse gas holding lease; or (v) an existing greenhouse gas injection licence; or (vi) a future greenhouse gas assessment permit; or (vii) a future greenhouse gas holding lease; or (viii) a future greenhouse gas injection licence; the responsible Commonwealth Minister must, by written notice given to the petroleum retention lessee, determine that the petroleum retention lease is a declared petroleum retention lease for the purposes of this Act. (2) If: (a) a determination is in force under subsection (1) in relation to a post‑commencement petroleum retention lease; and (b) the responsible Commonwealth Minister is not satisfied that there is a significant risk that any of the key petroleum operations that could be carried on under the lease will have a significant adverse impact on: (i) operations for the injection of a greenhouse gas substance; or (ii) operations for the storage of a greenhouse gas substance; that are being, or could be, carried on under: (iii) an existing greenhouse gas assessment permit; or (iv) an existing greenhouse gas holding lease; or (v) an existing greenhouse gas injection licence; or (vi) a future greenhouse gas assessment permit; or (vii) a future greenhouse gas holding lease; or (viii) a future greenhouse gas injection licence; the responsible Commonwealth Minister must, by written notice given to the petroleum retention lessee, revoke the determination.