486Notification of eligible greenhouse gas storage formation

486 Notification of eligible greenhouse gas storage formation

(a) a part of a geological formation is wholly situated in the permit area of a greenhouse gas assessment permit, and the permittee has reasonable grounds to suspect that that part could be an eligible greenhouse gas storage formation; or

(b) a part of a geological formation is wholly situated in the lease area of a greenhouse gas holding lease, and the lessee has reasonable grounds to suspect that that part could be an eligible greenhouse gas storage formation; or

(c) a part of a geological formation is wholly situated in the licence area of a greenhouse gas injection licence, and the licensee has reasonable grounds to suspect that that part could be an eligible greenhouse gas storage formation.

(2) The permittee, lessee or licensee must, by written notice, inform the Minister about the matter as soon as practicable, and in any event within 30 days, after the day on which the permittee, lessee or licensee, as the case may be, forms the relevant suspicion.

(3) A notice under subsection (2) is not required to set out the fundamental suitability determinants of that part.

(4) Subsection (3) has effect subject to subsections (5) and (6).

(5) A notice under subsection (2) must be accompanied by a written statement that the permittee, lessee or licensee has reasonable grounds to suspect that the part is suitable for the permanent storage of a specified amount of a specified greenhouse gas substance.

(6) If the permittee, lessee or licensee has reasonable grounds to suspect that the part could be an eligible greenhouse gas storage formation because of section 23(1)(b), a notice under subsection (2) must be accompanied by a written statement describing the engineering enhancements referred to in that section.

(7) Subsections (2), (5) and (6) do not apply to a permittee, lessee or licensee in relation to a part of a geological formation if a former holder of the permit, lease or licence, as the case may be, previously complied with that subsection in relation to the part.

(8) A person who is subject to a requirement under subsection (2), (5) or (6) must comply with that requirement.

S. 486A inserted by No. 26/2021 s. 31.