5G

5G Demonstration of financial assurance prior condition for acceptance of environment plan

(1) This regulation applies: (a) if: (i) an environment plan for a petroleum activity is submitted under regulation 9; and (ii) there is a titleholder in relation to the activity immediately before the Regulator decides whether or not to accept the plan under regulation 10; or (b) if a proposed revision of an environment plan for a petroleum activity is submitted under regulation 17, 18 or 19. (2) For paragraphs 571(3)(a) and (b) of the Act, NOPSEMA must not accept the environment plan, or the proposed revision of the environment plan, unless NOPSEMA is reasonably satisfied that: (a) the titleholder is compliant with subsection 571(2) of the Act in relation to the petroleum activity; and (b) the compliance is in a form that is acceptable to NOPSEMA.

Note: Failure by a petroleum titleholder to maintain compliance with subsection 571(2) of the Act, in a form acceptable to NOPSEMA, is a ground for withdrawal of acceptance of an environment plan—see paragraph 23(2)(e).