Document ID: chunk:federal_register_of_legislation:F2023L00998:reg:16
Version: federal_register_of_legislation:F2023L00998
Segment Type: reg
Provision Reference: reg 16
Character Range: 28945–30311

16  Demonstration of financial assurance prior condition for acceptance of environment plan
 (1) For the purposes of paragraphs 571(3)(a) and (b) of the Act, NOPSEMA must not accept an environment plan, under section 33 of this instrument, for a petroleum activity under a petroleum title unless NOPSEMA is reasonably satisfied that:
 (a) the titleholder is compliant with subsection 571(2) of the Act in relation to the petroleum activity; and
 (b) the compliance is in a form that is acceptable to NOPSEMA.
Note: Failure by a petroleum titleholder to maintain compliance with subsection 571(2) of the Act, in a form acceptable to NOPSEMA, is a ground for withdrawing the acceptance of an environment plan: see paragraph 43(1)(e) of this instrument.
 (2) Subsection (1) does not apply if:
 (a) the environment plan was submitted by an applicant for a petroleum access authority, petroleum special prospecting authority or pipeline licence as permitted by subsection 26(2); and
 (b) immediately before NOPSEMA decides whether or not to accept the plan under section 33, the applicant does not hold the authority or licence.
Note: If the authority or licence is later granted, the applicant would then be required to maintain financial assurance in accordance with subsection 571(2) of the Act.

Part 4—Environment plans

Division 1—Requirement for environment plan