New regulatory policy on section 270 Consent to surrender title
When a titleholder submits an application for consent to surrender title to the Joint Authority (JA) under section 269 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (OPGGS Act), the JA will consult with NOPSEMA with respect to titleholder compliance with section 270.
To assist industry in understanding what NOPSEMA takes into account when considering if it is satisfied that titleholders have complied with the relevant criteria in section 270 of the OPGGS Act, NOPSEMA have released a new regulatory policy Section 270 Consent to surrender title - NOPSEMA advice.
The policy explains key information required by NOPSEMA and the principles it has adopted when providing advice to the JA on applications for consent to surrender a title. NOPSEMA also expects a titleholder to proactively consider the principles described in this policy when preparing permissioning documents.
NOPSEMA released a draft regulatory policy for consultation in December 2021 and after considering feedback from stakeholders, this regulatory policy has now been finalised.