Document ID: chunk:federal_register_of_legislation:C2024C00828:section:325:p1
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 325 (pt 1/2)
Character Range: 885452–888380

325  Grant of 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 324(2); and
 (b) the responsible Commonwealth Minister 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; and
 (c) the responsible Commonwealth Minister is satisfied that the technical advice and financial resources available to the applicant are sufficient to:
 (i) carry out the operations and works that will be authorised by the lease; and
 (ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and
 (d) the responsible Commonwealth Minister is satisfied of the matters (if any) prescribed by the regulations;
the responsible Commonwealth Minister must give the applicant a written notice (called an offer document) telling the applicant that the responsible Commonwealth Minister is prepared to grant the applicant a greenhouse gas holding lease over the block or blocks specified in the application.
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 429 to provide further information, the responsible Commonwealth Minister may refuse to give the applicant an offer document—see subsection 429(3).

Multiple identified greenhouse gas storage formations
 (2) If:
 (a) an application for a greenhouse gas holding lease has been made under subsection 324(3), (4) or (5); and
 (b) the responsible Commonwealth Minister 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; and
 (c) the responsible Commonwealth Minister is satisfied that the technical advice and financial resources available to the applicant are sufficient to:
 (i) carry out the operations and works that will be authorised by the lease; and
 (ii) discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and
 (d) the responsible Commonwealth Minister is satisfied of the matters (if any) prescribed by the regulations;
the responsible Commonwealth