28Information to be provided in annual title assessment report—petroleum production licence

28  Information to be provided in annual title assessment report—petroleum production licence

 (1) For the purposes of paragraph 25(2)(c), this section sets out the requirements for a petroleum production licensee’s annual title assessment report, for a reporting period for the licence.

 (a) a description of each activity, and the total expenditure incurred for each activity, that the licensee carried out during the reporting period in relation to the following:

 (i) the exploration for, and appraisal of, additional recoverable petroleum in the licence area;

 (ii) the development of a field or the management of petroleum pools in the licence area;

 (b) any key project milestones that occurred during the reporting period;

 (c) a summary of the financial performance of production from all fields in the licence area during the reporting period;

 (d) a description of the technical performance of production from all fields in the licence area, including:

 (i) the amount of petroleum produced from each petroleum pool in the licence area during the reporting period; and

 (ii) the amount of each substance injected into each reservoir in the licence area during the reporting period; and

 (iii) the amount of each substance flared, vented or used for fuel during the reporting period;

 (e) if the reporting period is not the first reporting period for the licence—the following information about each possible and discovered petroleum pool situated in the licence area:

 (i) a description of the pool;

 (ii) any new information relating to the evaluation of the pool;

 (iii) an estimate of the quantity of petroleum initially in place in the pool as estimated at the end of the previous reporting period for the licence;

 (iv) an estimate of the expected ultimate recoverable petroleum in the pool at the end of the previous reporting period for the licence;

 (v) any new or revised technical and economic data upon which the estimates in subparagraphs (iii) and (iv) are based, including a report of any studies carried out that have resulted in revised estimates;

 (f) a description of each activity, and the estimated expenditure for each activity, that the licensee intends to carry out in later reporting periods for the licence (or any other period during which the licence is in force) in relation to:

 (i) the exploration for, and appraisal of, additional recoverable petroleum in the licence area; and

 (ii) the development of a field or the management of petroleum pools situated in the licence area;

 (g) a description of the measures taken by the licensee to prepare for the activities that the licensee intends to carry out in the next reporting period for the licence (if any);