3Objectives

3 Objectives (1) The objectives of this Act are to encourage the exploration for petroleum in Victoria and to promote petroleum production for the benefit of all Victorians by providing— (a) an orderly, fair and competitive system for granting authorities enabling petroleum exploration and production; and (b) clear and effective administrative frameworks for organising petroleum development activities; and (c) fiscal regimes that offer petroleum explorers a fair return while benefiting all Victorians; and (d) easy and effective access to information on Victoria's petroleum geology. (2) In encouraging petroleum exploration and production, this Act seeks to have regard to economic, social and environmental interests by ensuring— S. 3(2)(a) amended by No. 55/2010 s. 57(1). (a) the efficient exploration for, and production of, petroleum; and S. 3(2)(b) amended by No. 55/2010 s. 57(2). (b) that the impacts on individuals, public safety, public amenity and the environment as a result of petroleum activities will be minimised as far as is practicable; and (c) that land affected by petroleum activities is rehabilitated; and (d) that there will be just compensation for access to, and the use of, land; and S. 3(2)(e) amended by No. 20/2020 s. 4(a). (e) that petroleum explorers and producers will comply with all authority conditions that apply to them; and S. 3(2)(f) inserted by No. 20/2020 s. 4(b). (f) that the views and interests of Victorians are taken into consideration during decision making.