Document ID: chunk:federal_register_of_legislation:C2024C00828:section:350b:p2
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 350B (pt 2/2)
Character Range: 968614–970323

not been complied with; and
 (b) the Cross‑boundary Authority is satisfied that there are sufficient grounds to warrant the granting of the renewal of the greenhouse gas holding lease; and
 (c) 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, or at least one of the identified greenhouse gas storage formations, concerned; and
 (ii) permanently store the greenhouse gas substance in the identified greenhouse gas storage formation, or at least one of the identified greenhouse gas storage formations, concerned;
  but is likely to be in such a position within 10 years;
the Cross‑boundary Authority may give the applicant a written notice (called an offer document) telling the applicant that the Cross‑boundary Authority is prepared to renew the lease.
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: See also section 76D.
 (4) Without limiting paragraph (3)(b), in deciding whether to be satisfied that there are sufficient grounds to warrant the granting of the renewal of the lease, the Cross‑boundary Authority must have regard to:
  (a) whether 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
 (b) the matters (if any) prescribed by the regulations.