Surrender of Petroleum Exploration Permit WA-445-P - Finder No. 2 Pty Ltd

Overview

The Offshore Petroleum and Greenhouse Gas Storage Act 2006 was enacted to provide a legislative framework for the regulation and management of offshore petroleum activities and greenhouse gas storage in Australian waters. This Act was introduced to address the need for a comprehensive regulatory scheme that ensures the sustainable development of offshore petroleum resources while also mitigating environmental impacts and ensuring the safety of offshore operations. The Act was passed by the Parliament of Australia and is administered by the relevant federal and state authorities, including the National Offshore Petroleum Titles Administrator and the Commonwealth-Western Australia Offshore Petroleum Joint Authority. The policy objective of the Act is to facilitate the responsible exploration and production of offshore petroleum resources, while also addressing the pressing issue of greenhouse gas emissions through the regulation of storage activities. This particular notice pertains to the surrender of Petroleum Exploration Permit WA-445-P, which was held by Finder No. 2 Pty Ltd. The notice was issued by Graeme Albert Waters, the National Offshore Petroleum Titles Administrator, on behalf of the Commonwealth-Western Australia Offshore Petroleum Joint Authority. The notice signifies the formal relinquishment of the permit and its associated rights and obligations. The permit was for Block No. 3258, located in the Rowley Shoals SE50 Map Sheet, and was assessed to contain one block. This notice becomes effective on the day it is published in the Australian Government Gazette, in accordance with the provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.

Scope and Application

The Offshore Petroleum and Greenhouse Gas Storage Act 2006 applies to the management and regulation of offshore petroleum and greenhouse gas storage activities within Australian jurisdiction, particularly focusing on the issuance, modification, and surrender of petroleum exploration permits and titles. This Act primarily governs entities such as Finder No. 2 Pty Ltd, who hold permits for exploration activities, and it extends its reach to both Commonwealth and state waters, specifically involving the Commonwealth-Western Australia Offshore Petroleum Joint Authority in this instance. The geographic scope of the Act is defined by the specific blocks and map sheets, such as the Rowley Shoals SE50 Map Sheet Block No.3258, which indicates the precise offshore area under consideration. The notice of surrender for the Petroleum Exploration Permit WA-445-P highlights the administrative process under which such permits can be relinquished, affecting the registered titleholder directly. The Act does not specify exclusions or exemptions in this notice but provides a structured legal framework through which such activities are regulated and monitored.

Key Provisions

The main operative sections of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (section 271) provide for the surrender of Petroleum Exploration Permits (PEPs) by the titleholder. In this particular case, Finder No. 2 Pty Ltd (ABN 15 140 866 128), the registered titleholder of Petroleum Exploration Permit WA-445-P, has notified the surrender of their permit (section 271). This surrender takes effect on the day the notice is published in the Australian Government Gazette. The notice specifies the details of the permit, including the permit number and the titleholder's ABN. The obligations imposed by the Act on the parties involved include the formal notification of the surrender of the PEP. The titleholder, Finder No. 2 Pty Ltd, must formally declare the surrender by providing a notice to the National Offshore Petroleum Titles Administrator, Graeme Albert Waters, on behalf of the Commonwealth-Western Australia Offshore Petroleum Joint Authority. This process ensures that the surrender is officially recorded and recognised. The notice must include precise details, such as the permit number, the titleholder's ABN, and a description of the blocks affected, which in this instance is Block No. 3258 on the Rowley Shoals SE50 Map Sheet. Any breach of the provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 may lead to various civil and criminal consequences. The Act stipulates that failure to comply with the surrender requirements can result in penalties. These penalties may include fines or other sanctions as prescribed by the Act. The specific maximum penalties are not detailed in the notice, but they are outlined in the broader provisions of the Act. Additionally, any misleading or false statements made in the surrender notice could lead to further legal repercussions, including potential criminal charges for fraud or misrepresentation. It is essential for the titleholder to ensure accuracy and compliance with all statutory requirements to avoid these adverse outcomes.