Significant event includes the following:
- a change in the understanding of the characteristics of the geology or reservoir that may have a significant impact on the optimum recovery of petroleum;
- a new or increased risk to the recovery of petroleum within the licence area;
- a new or increased risk to the recovery of petroleum outside the licence area caused by the development of pools in the licence area;
- a new or increased risk of activities in the licence area causing effects outside the licence area (for example aquifer depletion caused by hydrocarbon extraction);
- change to the proposed option for development of pools in the licence area, including any tie-in opportunity with nearby licence areas.
Source: Offshore Petroleum and Greenhouse Gas Storage (Resource Management and Administration) Regulations 2011 (Select Legislative Instrument 2011 No. 54 as amended), Australia, prepared on 1 January 2012. Regulations