•   It is an offence to explore in an offshore area for a potential greenhouse gas storage formation, or a potential greenhouse gas injection site, except:

  (a)   under a greenhouse gas assessment permit; or

  (b)   as otherwise authorised or required by or under this Act.

•   This Part provides for:

  (a)   the grant of greenhouse gas assessment permits over blocks in an offshore area; and

  (b)   the grant of greenhouse gas assessment permits over blocks in an offshore area and State/Territory blocks in the coastal waters of a State or the Northern Territory.

•   A greenhouse gas assessment permit authorises the permittee to explore in the permit area for potential greenhouse gas storage formations and potential greenhouse gas injection sites.

•   There are 3 types of greenhouse gas assessment permits:

  (a)   a greenhouse gas assessment permit granted on the basis of work program bidding (a work - bid greenhouse gas assessment permit ); and

  (b)   a greenhouse gas assessment permit granted on the basis of cash bidding (a cash - bid greenhouse gas assessment permit ); and

  (c)   a greenhouse gas assessment permit granted over blocks in the offshore area and State/Territory blocks in the coastal waters of a State or the Northern Territory (a cross - boundary greenhouse gas assessment permit ).

•   If an eligible greenhouse gas storage formation is identified in a greenhouse gas permit area, the responsible Commonwealth Minister may declare that the formation is an identified greenhouse gas storage formation.