106ESecretary may assess amount of security deposit

#### 106E Secretary may assess amount of security deposit 106E Secretary may assess amount of security deposit > > (1) The Secretary may assess the amount of the security deposit that may be required by a security deposit condition for a particular petroleum title or, in the case of a group security deposit, for a particular group of petroleum titles. > > > (2) The amount of the security deposit as assessed by the Secretary is the assessed deposit for the petroleum title or petroleum titles concerned. > > > (3) The Secretary must make an assessment if the regulations require an assessment to be made. > > > (4) The Secretary may make an assessment at any other time— > > > > > (a) at the request of the Minister, or > > > > > (b) on the Secretary’s own initiative. > > > (5) An assessment, and a decision to make or request an assessment, may be made without prior notice to, or consultation with, the holder of an affected petroleum title. > > > (6) The Secretary is to make an assessment under this section having regard to the estimated cost of fulfilling any obligations under this Act in respect of the petroleum title or petroleum titles concerned, including obligations that may arise in the future. > > > (7) An assessed deposit must not be less than the minimum deposit for the petroleum title or, in the case of a group security deposit, the sum of the minimum deposits for all affected petroleum titles. > > > (8) After an assessment is made, the Secretary must give written notice of the assessment— > > > > > (a) to the holder of an affected petroleum title, and > > > > > (b) to the Minister. > > > (9) The notice given to the holder of an affected petroleum title must— > > > > > (a) set out the reasons for the Secretary’s assessment, and > > > > > (b) advise the holder of the holder’s entitlement to apply for a review of the assessment under this Part. > > > (10) The Secretary is to exercise his or her functions under this section having regard to any guidelines approved by the Minister. > > > (11) An assessment by the Secretary under this section does not affect— > > > > > (a) the validity of any security deposit condition imposed or varied before the assessment was made, or > > > > > (b) liability for an administrative levy that arose before the assessment was made. > > > (12) The Secretary may revise his or her assessment under this section. For that purpose, the Secretary may amend, revoke or replace a previous assessment. > > > (13) This section applies in respect of the revision of an assessment in the same way as it applies in respect of an assessment. > > > (14) An assessment may be made in relation to a security deposit condition proposed to be imposed on the grant of a petroleum title and, for that purpose, a reference in this section, and in sections 106F and 106G, to a holder of a petroleum title is taken to include a reference to a person who, on grant, will be a holder of a petroleum title. > > **ss 106C–106I:** Ins 2012 No 46, Sch 6.1 \[18\].