26Significant risk of a significant adverse impact—grant of petroleum production licence

#### 26 Significant risk of a significant adverse impact—grant of petroleum production licence (1) For the purposes of sections 171 and 173, the question of whether there is a significant risk that any of the operations that could be carried on under a petroleum production licence will have a significant adverse impact on operations that are being, or could be, carried on under: (a) a greenhouse gas assessment permit; or (b) a greenhouse gas holding lease; or (c) a greenhouse gas injection licence; is to be determined in a manner ascertained in accordance with the regulations. (2) A manner ascertained in accordance with regulations made for the purposes of subsection (1) must take into account: (a) the probability, or range of probabilities, of the occurrence of the adverse impact; and (b) the economic consequences of the adverse impact; and (c) the economic consequences of the adverse impact relative to the potential economic value of the operations that are being, or could be, carried on under the permit, lease or licence referred to in whichever of paragraph (1)(a), (b) or (c) is applicable. (3) Subsection (2) does not limit the matters that may be taken into account. (4) Subsections (1) and (2) have effect subject to subsections (5) and (6). (5) For the purposes of sections 171 and 173, an operation that could be carried on under a petroleum production licence (the petroleum production licence operation) will have an adverse impact on operations (the relevant greenhouse gas operations) that are being, or could be, carried on under: (a) a greenhouse gas assessment permit; or (b) a greenhouse gas holding lease; or (c) a greenhouse gas injection licence; if, and only if, the petroleum production licence operation will result in: (d) an increase in the capital costs (other than prescribed costs) of the relevant greenhouse gas operations; or (e) an increase in the operating costs (other than prescribed costs) of the relevant greenhouse gas operations; or (f) a reduction in the rate of injection of the greenhouse gas substance; or (g) a reduction in the quantity of the greenhouse gas substance that will be able to be stored. (6) For the purposes of sections 171 and 173, if there is a risk that an operation that could be carried on under a petroleum production licence (the petroleum production licence operation) will have an adverse impact on operations that are being, or could be, carried on under: (a) a greenhouse gas assessment permit; or (b) a greenhouse gas holding lease; or (c) a greenhouse gas injection licence; then that risk is not to be treated as significant, and that adverse impact is not to be treated as significant, if the amount that, under the regulations, is taken to be the probability‑weighted impact cost of the petroleum production licence operation is less than the amount that, under the regulations, is taken to be the threshold amount.