QLDIn ForceAct
Petroleum and Gas (Production and Safety) Act 2004
sec.226State property in stored petroleum or prescribed storage gas in particular circumstances
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### sec.226 State property in stored petroleum or prescribed storage gas in particular circumstances
Any of the stored petroleum or prescribed gas that a current owner owns becomes the property of the State—
if the current owner gives an ownership relinquishment notice for it; or
on the fifth anniversary of the making of the decision under section 215 , unless, before that anniversary—
a petroleum lease the area of which includes the reservoir is granted; and
the lease takes effect.
- (a) if the current owner gives an ownership relinquishment notice for it; or
- (b) on the fifth anniversary of the making of the decision under section 215 , unless, before that anniversary— (i) a petroleum lease the area of which includes the reservoir is granted; and (ii) the lease takes effect.
- (i) a petroleum lease the area of which includes the reservoir is granted; and
- (ii) the lease takes effect.
- (i) a petroleum lease the area of which includes the reservoir is granted; and
- (ii) the lease takes effect.