Petroleum Act 1923

This section applies if 1 of the following changes happens—

an entity starts or stops controlling the holder of a lease under the Corporations Act, section 50AA;

the holder of a lease starts or stops being a subsidiary of a corporation under the Corporations Act, section 46.

The Minister may consider whether, after the change, the holder of the lease has the financial and technical resources to comply with the conditions of the lease.

If the Minister considers the holder of the lease may not have the financial and technical resources to comply with conditions of the lease, the Minister may impose another condition on, or amend a condition of, the lease.

If the Minister believes a change mentioned in subsection (1) may have happened, the Minister may require the holder of the lease to give the Minister information or a document about whether or not the change has happened.

Before deciding to impose another condition on, or amend a condition of, the lease under subsection (3), the Minister may require the holder of the lease to give the Minister information or a document the Minister requires to make the decision.

A requirement under subsection (4) or (5) must—

be made by notice given to the holder; and

state a period of at least 10 business days within which the holder must comply with the requirement.

Before deciding to impose another condition on, or amend a condition of, the lease under subsection (3), the Minister must give the holder of the lease a notice stating—

the proposed decision; and

the reasons for the proposed decision; and

that the holder may, within 10 business days after the notice is given, make submissions to the Minister about the proposed decision.

The Minister may extend the period mentioned in subsection (6)(b) or (7)(c) by notice given to the holder of the lease.

In deciding whether to impose another condition on, or amend a condition of, the lease under subsection (3), the Minister—

must consider information or a document, if any, given under subsection (6)(b) or (7)(c); and

may consider any other matter the Minister considers relevant.

If the Minister decides to impose another condition on, or amend a condition of, the lease under subsection (3), the Minister must, as soon as practicable after making the decision, give the holder a notice stating the decision and the reasons for the decision.