Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a post - commencement petroleum retention lease is in force; and
(b) the responsible Commonwealth Minister is satisfied that there is a significant risk that any of the key petroleum operations that could be carried on under the lease will have a significant adverse impact on:
(i) operations for the injection of a greenhouse gas substance; or
(ii) operations for the storage of a greenhouse gas substance;
that are being, or could be, carried on under:
(iii) an existing greenhouse gas assessment permit; or
(iv) an existing greenhouse gas holding lease; or
(v) an existing greenhouse gas injection licence; or
(vi) a future greenhouse gas assessment permit; or
(vii) a future greenhouse gas holding lease; or
(viii) a future greenhouse gas injection licence;
the responsible Commonwealth Minister must, by written notice given to the petroleum retention lessee, determine that the petroleum retention lease is a declared petroleum retention lease for the purposes of this Act.
(2) If:
(a) a determination is in force under subsection (1) in relation to a post - commencement petroleum retention lease; and
(b) the responsible Commonwealth Minister is not satisfied that there is a significant risk that any of the key petroleum operations that could be carried on under the lease will have a significant adverse impact on:
(i) operations for the injection of a greenhouse gas substance; or
(ii) operations for the storage of a greenhouse gas substance;
that are being, or could be, carried on under:
(iii) an existing greenhouse gas assessment permit; or
(iv) an existing greenhouse gas holding lease; or
(v) an existing greenhouse gas injection licence; or
(vi) a future greenhouse gas assessment permit; or
(vii) a future greenhouse gas holding lease; or
(viii) a future greenhouse gas injection licence;
the responsible Commonwealth Minister must, by written notice given to the petroleum retention lessee, revoke the determination.