Document ID: chunk:federal_register_of_legislation:C2020A00043:clause:1_329b:p1
Version: federal_register_of_legislation:C2020A00043
Segment Type: clause
Provision Reference: sch 1 cl 329B (pt 1/2)
Character Range: 124205–126996

329B  Grant of cross‑boundary greenhouse gas holding lease—offer document

Single identified greenhouse gas storage formation
 (1) If:
 (a) an application for a greenhouse gas holding lease has been made under subsection 329A(2); and
 (b) the Cross‑boundary Authority is satisfied that the applicant is not, at the time of the application, in a position to:
 (i) inject a greenhouse gas substance into the identified greenhouse gas storage formation concerned; and
 (ii) permanently store the greenhouse gas substance in the identified greenhouse gas storage formation concerned;
  but is likely to be in such a position within 15 years;
the Cross‑boundary Authority must give the applicant a written notice (called an offer document) telling the applicant that the Cross‑boundary Authority is prepared to grant the applicant a greenhouse gas holding lease over the block or blocks specified in the application, so long as:
 (c) in a case where part of the lease area would be in the coastal waters of a State—the State has consented to the giving of the offer document; or
 (d) in a case where part of the lease area would be in the coastal waters of the Northern Territory—the Northern Territory has consented to the giving of the offer document.
Note 1: Section 430 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Note 2: If the applicant breaches a requirement under section 429A to provide further information, the Cross‑boundary Authority may refuse to give the applicant an offer document—see subsection 429A(4).

Multiple identified greenhouse gas storage formations
 (2) If:
 (a) an application for a greenhouse gas holding lease has been made under subsection 329A(3), (4) or (5); and
 (b) the Cross‑boundary Authority is satisfied that the applicant is not, at the time of the application, in a position to:
 (i) inject a greenhouse gas substance into at least one of the identified greenhouse gas storage formations concerned; and
 (ii) permanently store the greenhouse gas substance in at least one of the identified greenhouse gas storage formations concerned;
  but is likely to be in such a position within 15 years;
the Cross‑boundary Authority must give the applicant a written notice (called an offer document) telling the applicant that the Cross‑boundary Authority is prepared to grant the applicant a greenhouse gas holding lease over the block or blocks specified in the application, so long as:
 (c) in a case where part of the lease area would be in the coastal waters of a State—the State has consented to the giving of the offer document; or
 (d) in a case where part of the lease area would be in the coastal waters of the Northern Territory—the Northern Territory has