Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008 (Cth)
STATUS:
Law and implementing regulations are in effect.
TIME FRAME Start:
2008
TIME FRAME End:
DESCRIPTION:
Long-term liability for greenhouse gases that have been injected for permanent storage in offshore storage formations will be transferred to the Commonwealth Government.
The transfer of liability to the Commonwealth will be upon the satisfaction of certain conditions and will not occur until 15 years after the injection site is closed. However, the responsible Commonwealth minister may consider the application for a site closing certificate over a period of up to five years, so, in effect liability passes to the Commonwealth after 20 years. Liability will also be transferred to the Commonwealth in circumstances where the storage operator has ceased to exist.
