Petroleum Act 1923

This part empowers the Minister to require, from time to time, a 1923 Act petroleum tenure holder, or a person who has applied for a 1923 Act petroleum tenure, to give the State security for the tenure, or proposed tenure.

The security may be used to pay—

any liability under this Act that the State incurs because of an act or omission of the holder; and

unpaid petroleum royalty or annual rent payable by the holder to the State; and

other unpaid amounts payable under this Act or the 2004 Act by the holder to the State, including, for example, any of the following—

unpaid civil penalty;

unpaid interest on unpaid petroleum royalty or annual rent;

any debt payable by the holder under section 101; and

for a 1923 Act petroleum tenure that is a lease—unpaid rates and charges, including unpaid interest on overdue rates and charges, payable to the local government in whose area the lease is situated; and

any compensation the State must pay under section 80P because of the exercise, or purported exercise, of a remedial power under section 80L in relation to the tenure, whether or not the tenure has ended.