357Application for greenhouse gas holding lease by the holder of a petroleum retention lease

357 Application for greenhouse gas holding lease by the holder of a petroleum retention lease

S. 357(1) substituted by No. 26/2021 s. 28.

(a) a petroleum retention lease is in force; and

(b) one or more identified greenhouse gas storage formations are wholly situated in the lease area.

S. 357(1A) inserted by No. 26/2021 s. 28.

(1A) If —

(a) a single identified greenhouse gas storage formation extends to—

(i) only one block in the lease area; or

(ii) 2 or more blocks in the lease area; and

(b) none of the following is in force over the block or blocks to which the identified greenhouse gas storage formation extends—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the block or blocks to which the identified greenhouse gas storage formation extends.

S. 357(1B) inserted by No. 26/2021 s. 28.

(1B) If—

(a) 2 or more identified greenhouse gas storage formations, when considered together, extend to only one block in the lease area; and

(c) none of the following is in force over the block to which the identified greenhouse gas storage formations, when considered together, extend—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the block to which the identified greenhouse gas storage formations, when considered together, extend.

S. 357(1C) inserted by No. 26/2021 s. 28.

(1C) If—

(i) only one block in the lease area; or

(ii) 2 or more blocks in the lease area; and

(b) a vertical line would pass through a point in each of those identified greenhouse gas storage formations; and

(c) none of the following is in force over the block or blocks to which the identified greenhouse gas storage formations, when considered together, extend—

the petroleum retention lessee may apply to the Minister for the grant of a greenhouse gas holding lease over the block or blocks to which the identified greenhouse gas storage formations, when considered together, extend.

S. 357(1D) inserted by No. 26/2021 s. 28.

(1D) If—

(a) 2 or more identified greenhouse gas storage formations, when considered together, extend to 2 or more blocks in the lease area; and

(c) for each identified greenhouse gas storage formation, at least one of the blocks to which the identified greenhouse gas storage formation extends immediately adjoins a block to which the other, or another, of those identified greenhouse gas storage formations extends; and