Grant of petroleum retention lease—offer document
142 Grant of petroleum retention lease—offer document
If:
an application for a petroleum retention lease has been made under section 141; and
the Joint Authority is satisfied that:
the area comprised in the block, or any one or more of the blocks, specified in the application contains petroleum; and
the recovery of petroleum from that area is not, at the time of the application, commercially viable; and
the recovery of petroleum from that area is likely to become commercially viable within 15 years after that time; and
the Joint Authority is satisfied that the technical advice and financial resources available to the applicant are sufficient to:
carry out the operations and works that will be authorised by the lease; and
discharge the obligations that will be imposed under this Act, or a legislative instrument under this Act, in relation to the lease; and
the Joint Authority is satisfied of the matters (if any) prescribed by the regulations;
the Joint Authority must give the applicant a written notice (called an offer document) telling the applicant that the Joint Authority is prepared to grant the applicant a petroleum retention lease over the block or blocks as to which the Joint Authority is satisfied as mentioned in paragraph (b).
Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
If the applicant breaches a requirement under section 258 to provide further information, the Joint Authority may refuse to give the applicant an offer document—see subsection 258(3).
Sign in to see bill, explanatory material, and regulations and instruments
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.