General provisions
117AQ General provisions
An environmental security is a form of security to secure costs and to contribute to the management of risks associated with the remediation and rehabilitation of environmental impacts resulting from activities to which an approved environment management plan relates.
Without limiting subsection (1), an environmental security may provide security for:
(a) standardised costs to address specific costs, liabilities and risks associated with environmental impacts and risk of environmental harm resulting from activities to which an approved environment management plan relates, including costs for remediation and rehabilitation; and
(b) standardised costs to manage residual risk of environmental harm, including monitoring, after remediation and rehabilitation has been undertaken; and
(c) a contingency amount to reduce the risk that the value of the security is inadequate.
(3) The actual amount or value to be included in or provided by a particular security will be determined by applying an approach or methodology determined by the Environment Minister and published on the Agency's website.
(4) The Environment Minister may vary or substitute an approach or methodology from time to time.
A variation or substitution:
(a) must be published on the Agency's website; and
(b) may, if the Environment Minister so determines, apply in relation to one or more securities for an existing petroleum interest.
An approach or methodology under this section must reflect:
(a) the requirement that the cost of remediation and rehabilitation reflect market conditions; and
(b) the circumstances of the Northern Territory petroleum industry.
(7) The Environment Minister may adopt different approaches or methodologies for different kinds of petroleum interests.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.