Objective
3 Objective
The objective of this Act is to provide a legal framework that:
(a) encourages persons to undertake effective exploration for petroleum and to develop petroleum production so that the optimal value of the resource is returned to the Territory; and
provides protection to the environment of the Territory; and
promotes principles of ecologically sustainable development.
The legal framework provides for the following:
(a) the granting of petroleum interests to persons for exploration, production and ancillary activities associated with exploiting petroleum, and the renewal or transfer of those interests;
(b) clear statements about the role of government following the grant of petroleum interests;
(c) the promotion of active exploration for petroleum, and of the development of petroleum production if commercially viable, by persons granted petroleum interests;
(d) the assessment of proposed technical works programmes for the exploration, appraisal, recovery or production of petroleum and of the financial capacity of persons proposing to carry out those programmes;
(e) resource management, activity and infrastructure plans to support and enhance well and surface infrastructure integrity and the strategic management of petroleum production consistent with achieving optimum long-term recovery of the resource;
(f) the reduction of risk or potential risk of environmental harm by ensuring that activities associated with exploration for, or production of, petroleum are carried out in a manner in which the environmental impacts and risks of the activities are reduced to a level that is:
as low as reasonably practicable; and
acceptable;
(g) the collection of information about petroleum exploration and production and the dissemination of that information;
the efficient administration of this Act;
(i) other matters in connection with exploration for and production of petroleum.
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