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—