Petroleum Act 1923

This section applies for a 1923 Act petroleum tenure, whether or not its holder has lodged a commercial viability report about the tenure.

The Minister may obtain an independent assessment of the commercial viability of petroleum production in all or part of the area of the tenure (an independent viability assessment).

However, before seeking the assessment, the Minister must give the holder a notice stating the following—

that the Minister proposes to obtain the assessment;

the Minister’s reasons for seeking the assessment;

the likely costs of obtaining the assessment;

whether the State will, under section 75I, seek to recover the costs;

that the holder may, within a stated reasonable period, lodge submissions about the proposed assessment.

Any submissions lodged by the holder within the stated period must be considered.

The Minister must after receiving the assessment, give the holder a copy.