Definition(s)

Significant event

Significant event includes the following:

  1. 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;
  2. a new or increased risk to the recovery of petroleum within the licence area;
  3. a new or increased risk to the recovery of petroleum outside the licence area caused by the development of pools in the licence area;
  4. 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);
  5. 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

 

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