Sep 22, 2021 / by OsmondMarketing / No Comments

(b) it is apparent from the plan that the risks identified by the holder of the title with regard to the activity of the drilling area are managed in accordance with technical principles, standards, specifications and good practices in the field of hydrocarbons; and note 1 The Act also requires a licensee to carry out the rescue operation in accordance with good oilfield practices – see section 569. (a) in accordance with good oil field practice; and (c) the security administrator does not authorize the objection, all verifications of the security administrator`s decision have been completed and the decision that applies at the end of all verifications is that the opposition is not admissible. A holder of securities of more than one security may consolidate the annual valuation reports of the security in a single document, with the written consent of the regulatory authority. Subject to agreement with the joint authority, a regional study may take different forms. This may include, among other things, that two investigations into the offshore oil sector have been conducted recently. The Productivity Committee examined the regulatory burden for the upstream oil sector. One of the most important recommendations was the creation of a national offshore oil regulator. The second review was a commission of inquiry into the blowout on the Montara drilling edging off the northwest coast of Western Australia in 2009. The results of the investigation confirmed the productivity commission`s recommendation to create a national offshore oil regulator. At the COAG meeting on 13 February 2011, the principle was the creation of a national offshore oil regulator. However, the Western Australian government remains opposed to the proposal. [7.0] When completing the application form for a performance agreement, security holders should indicate which GSA option they prefer (only one option may be selected at the time of application) that may be reviewed by the joint authority.

(a) a change in the understanding of the characteristics of the geology or reservoir, which may have a significant impact on optimal oil extraction; Holders of an existing AA may submit to the Joint Authority an application to amend the conditions of the AA GSA. This must be done in writing through NOPTA. Approval by the joint authority to amend the terms of the GSP AA is granted on a case-by-case basis. When the request for inclusion of regional studies is submitted, the application should submit a draft proposal of the study parameters. If the joint authority agrees to amend the terms of an existing AA, the GSA holder should make a revised public notice. The aim of a regional study is to improve the understanding of Australia`s geological knowledge and make it as available as possible. demonstration that the drilling activity and all related operational work is carried out in accordance with the best practices of the oil field; and GSA`s general terms and conditions agreed by both parties describe in detail the data disclosure requirement, i.e. the agreement to make the information “open-file” before the deadlines set by the RMA regulations.

Regional studies which cannot be completed within the required time limits shall not be authorised by the joint authority. (c) the results of maintenance and verification of the integrity of the wells; and… 5.21 Relationship between the withdrawal and other provisions 62 (iv) the operating condition of the well at the end of the month; and. . 4. For paragraph 3, (a), only the information requested by the holder of the security in an annual report on the valuation of the security in accordance with Rule 3.03 may be indicated. . . .