29Significant risk of a significant adverse impact—approval of key greenhouse gas operations

29 Significant risk of a significant adverse impact—approval of key greenhouse gas operations

S. 29(1) amended by No. 42/2024 s. 8(1).

(1) For the purposes of sections 292, 293, 330, 331 and 768(2)(b), the question of whether there is a significant risk that a key greenhouse gas operation will have a significant adverse impact on petroleum exploration operations, petroleum recovery operations or underground petroleum storage operations that are being, or could be, carried on under—

S. 29(2)(c) amended by No. 42/2024 s. 8(2).

(c) the economic consequences of the adverse impact relative to the potential economic value of the petroleum exploration operations, petroleum recovery operations or underground petroleum storage operations that are being, or could be, carried on under the permit, lease or licence referred to in whichever of subsection (1)(a), (b), (c), (d), (e) or (f) is applicable.

S. 29(5) amended by No. 42/2024 s. 8(3)(a).

(5) For the purposes of sections 292, 293, 330, 331 and 768(2)(b), a key greenhouse gas operation will have an adverse impact on petroleum exploration operations, petroleum recovery operations or underground petroleum storage operations that are being, or could be, carried on under—

if, and only if, the key greenhouse gas operation will result in—

S. 29(5)(g) amended by No. 42/2024 s. 8(3)(b).

(g) an increase in the capital costs (other than prescribed costs) of the petroleum exploration operations, petroleum recovery operations or underground petroleum storage operations; or

S. 29(5)(h) amended by No. 42/2024 s. 8(3)(b).

(h) an increase in the operating costs (other than prescribed costs) of the petroleum exploration operations, petroleum recovery operations or underground petroleum storage operations; or

(i) a reduction in the rate of recovery of the petroleum; or

(j) a reduction in the quantity of the petroleum that will be able to be recovered.

S. 29(6) amended by No. 42/2024 s. 8(4).

(6) For the purposes of sections 292, 293, 330, 331 and 768(2)(b), if there is a risk that a key greenhouse gas operation will have an adverse impact on petroleum exploration operations, petroleum recovery operations or underground petroleum storage operations that are being, or could be, carried on under—

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 key greenhouse gas operation is less than the amount that, under the regulations, is taken to be the threshold amount.