Offshore Petroleum and Greenhouse Gas Storage Regulations 2021
183Discharge of securities
Start here
Get a plain-English read of 183
Turn the raw legal text into a practical explanation grounded in Offshore Petroleum and Greenhouse Gas Storage Regulations 2021.
183 Discharge of securities
(1) For the purposes of section 432 of the Act, this regulation makes provision in relation to the discharge, in whole or in part, by the Minister of securities in force in relation to site closing certificates.
(2) For the purposes of section 491 of the Act, this regulation makes provision in relation to the discharge, in whole or in part, by the Minister of securities in force in relation to—
(a) greenhouse gas assessment permits; or
(b) greenhouse gas holding leases; or
(c) greenhouse gas injection licences.
(3) If the Minister is satisfied that each obligation in respect of which the security was lodged has been met, the Minister must discharge the security to the titleholder.
(4) If the security is used by the Minister to address a situation for which the security was lodged, the Minister must discharge the amount of the security to the titleholder, reduced by the amount that was used by the Minister.