Victorian Consolidated Legislation

Greenhouse Gas Geological Sequestration Act 2008 - SECT 69

Minister may require review of commercial viability

69. Minister may require review of commercial viability



(1) The Minister may require the holder of a retention lease to re-evaluate
the commercial viability of injecting and permanently storing a greenhouse gas
substance in an underground geological storage formation in the lease area and
to report to the Minister in writing the results of the re-evaluation.

(2) In making such a requirement, the Minister-

   (a)  must give the holder of the lease written notice of the requirement;
        and

   (b)  must allow the holder of the lease at least 90 days within which to
        comply with the requirement.

(3) The Minister may, on the written application of the holder of the lease,
allow the holder of the lease more time within which to comply with a
requirement made under this section.

(4) The Minister may not make a requirement under this section if the holder
of the lease has already complied with a requirement made under this section
on 2 occasions in the 5 years immediately before the making of the
requirement.

(5) If the holder of the lease fails to comply with a requirement under this
section, the Minister may cancel the lease.