61AApproval

61A Approval (1) The Minister must not approve a plan under this Subdivision unless satisfied: (a) that the plan has been prepared in accordance with the requirements of this Act, including any relevant approved code of practice; and (b) that the plan demonstrates that the permittee or licensee has adequately considered and addressed all the factors and risks relevant to ensuring that the plan meets its objectives under Petroleum Act 1984 64 (2) The Minister may on the receipt of a plan and any additional information provided by a permittee or licensee under this Subdivision: (a) approve the plan; or (b) not approve the plan on the basis that the Minister cannot approve the plan under subsection (1). (3) The Minister must make a decision under subsection (2) within the designated period together with any period that the permittee or licensee takes to comply with a notice under section 61(4) if a notice is given under that section. (4) A plan approved by the Minister under this section is subject to any conditions specified by the Minister on the approval of the plan. (5) The rate of recovery may be approved by the Minister if the Minister is satisfied that the rate at which petroleum will be extracted under the field management plan is consistent with good oil field practice and seeks to maximise the economic development potential of the field and the return of the optimal value of the resource. (6) In this section: designated period means: (a) in the case of a well operations management plan – 45 days from when the plan is submitted for approval; and (b) in the case of a field management plan – 120 days from when the plan is submitted for approval; and (c) in the case of a petroleum surface infrastructure plan – 90 days from when the plan is submitted for approval.