General provisions
117AV General provisions
A petroleum infrastructure decommissioning security is a form of security to secure costs and liabilities associated with:
(a) well decommissioning to which an approved well operations management plan relates; and
(b) decommissioning petroleum surface infrastructure to which an approved petroleum surface infrastructure plan relates; and
decommissioning appraisal production infrastructure.
Without limiting subsection (1), a petroleum infrastructure decommissioning security may provide security for:
standardised costs associated with well decommissioning; and
(b) standardised costs associated with petroleum surface infrastructure decommissioning; and
(c) standardised costs associated with appraisal production infrastructure decommissioning.
(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 Minister and published on the Agency's website.
(4) The 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 Minister so determines, apply in relation to one or more securities for an existing petroleum interest.
(6) An approach or methodology under this section must reflect:
(a) the requirement that the cost of decommissioning reflect market conditions; and
the circumstances of the Northern Territory petroleum industry.
(7) The Minister may adopt different approaches or methodologies for different kinds of petroleum interests.
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