Document ID: chunk:federal_register_of_legislation:C2024C00828:section:318
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 318
Character Range: 847834–849192

318  Simplified outline
  The following is a simplified outline of this Part:

         • This Part provides for the grant of greenhouse gas holding leases over blocks in an offshore area.
         • A greenhouse gas holding lease authorises the lessee to explore in the lease area for potential greenhouse gas storage formations and potential greenhouse gas injection sites.
         • A greenhouse gas holding lease may be granted to:

                (a) the holder of a greenhouse gas assessment permit; or
                (b) the holder of a greenhouse gas injection licence, where no greenhouse gas injection or permanent storage operations have been carried on under the licence; or
                (c) an unsuccessful applicant for a greenhouse gas injection licence; or
                (d) the holder of a petroleum retention lease.

         • The main criteria for granting a greenhouse gas holding lease are:

                (a) an identified greenhouse gas storage formation is wholly situated in the lease area; and
                (b) the applicant is not currently in a position to inject and permanently store a greenhouse gas substance, but is likely to be in such a position within 15 years.
Note: See also section 295B (permit area of a cross‑boundary greenhouse gas assessment permit is taken to be included in the offshore area).