121Conditions of declared petroleum retention leases—approval of key petroleum operations

121 Conditions of declared petroleum retention leases—approval of key petroleum operations

(1) A declared petroleum retention lease is subject to the condition that the lessee will not carry on key petroleum operations under the lease unless the Minister has approved the operations under section 122.

(2) Despite section 119(2), the condition mentioned in subsection (1) does not need to be specified in the lease.

(3) If, under section 122, the Minister approves the carrying on of one or more key petroleum operations under a declared petroleum retention lease, the Minister may, by written notice given to the lessee, vary the lease by imposing one or more conditions to which the lease is subject.

(4) A variation of a declared petroleum retention lease under subsection (3) takes effect on the day on which notice of the variation is given to the lessee.

(5) A condition imposed under subsection (3) may require the lessee to ensure that—

made in the lease area by any person engaged or concerned in operations authorised by the lease are made in a manner, and to a standard, that will facilitate the plugging or closing off of the wells in a way that restores or maintains the suitability of a part of a geological formation for the permanent storage of greenhouse gas substances.

(a) a declared petroleum retention lease is subject to a condition; and

the Minister may, by written notice given to the lessee, vary or revoke the condition.

(8) A variation of a declared petroleum retention lease under subsection (7) takes effect on the day on which notice of the variation is given to the lessee.

(9) Subsection (8) does not limit section 260.

S. 121A inserted by No. 16/2018 s. 20.