Document ID: chunk:federal_register_of_legislation:C2024C00828:section:348:p1
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 348 (pt 1/2)
Character Range: 954413–957284

348  Renewal of greenhouse gas holding lease—offer document

Scope
 (1) This section applies if an application to renew a greenhouse gas holding lease has been made under section 347.

Offer document—compliance with conditions etc.
 (2) If:
 (a) each of the following has been complied with:
 (i) the conditions to which the greenhouse gas holding lease is, or has from time to time been, subject;
 (ii) the provisions of this Chapter, Chapter 5, Chapter 5A, Chapter 6 and Part 8.1;
 (iii) the regulations; 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, 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; 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 renew the lease.
Note: Section 430 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).

Offer document—non‑compliance with conditions etc.
 (3) If:
 (a) any of:
 (i) the conditions to which the greenhouse gas holding lease is, or has from time to time been, subject; or
 (ii) the provisions of this Chapter, Chapter 5, Chapter 5A, Chapter 6 and Part 8.1; or
 (iii) the provisions of the regulations;
  have not been complied with; and
 (b) the responsible Commonwealth Minister is satisfied that there are sufficient grounds to warrant the granting of the renewal of the greenhouse gas holding lease; and
 (c) 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, 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