184Estimate of total costs and expenses of carrying out program of operations

184 Estimate of total costs and expenses of carrying out program of operations

For the purposes of section 426(5)(a) of the Act, the annual rate at which costs and expenses will increase under the assumption mentioned in section 426(5)(a) of the Act is the annual rate of the average, expressed as a decimal fraction, of the assessed secondary market yields in respect of 10-year non‑rebate Treasury bonds for the latest available 12 months at the time the calculation is made, as published by the Reserve Bank of Australia.

Chapter 5—Resource management and administration

Part 5.1—Preliminary

185 Objects of this Chapter

(1) An object of this Chapter is to ensure that operations in the offshore area are—

(a) carried out in accordance with good oilfield practice; and

(b) compatible with the optimum long-term recovery of petroleum.

(2) An object of this Chapter is to ensure that the Minister is informed, in a timely and consistent manner, of—

(a) exploration for petroleum and greenhouse gas storage formations; and

(b) the discovery of petroleum and potential storage formations; and

(c) the appraisal of discoveries; and

(d) development and production operations in relation to petroleum, and injection operations in relation to greenhouse gas substances; and

(e) the results of operations.

(3) The other objects of this Chapter are—

(a) to provide a framework for encouraging the adequate collection, retention and timely dissemination of petroleum and greenhouse gas data; and

(b) to assist in ensuring the adequacy of the data acquired; and

(c) to allow for the efficient management of data confidentiality and the disclosure of data on completion of the relevant confidentiality periods.