Law change brings new decommissioning obligations and added enforcement
The Crown Minerals (Decommissioning and Other Matters) Amendment Act received Royal assent on 1 December 2021 and a number of new provisions are now in force.
The main focus of the Act is to strengthen the legal and financial requirements for permit and licence holders in relation to decommissioning of petroleum infrastructure and wells.
A summary of the main changes affecting the petroleum sector can be found here
The Act also makes changes that apply to both the petroleum and minerals sectors – most notable being the introduction of new enforcement tools.
A summary of how the Act relates to the minerals sector can also be found here
The regulator, NZP&M, is working to operationalise these new requirements.
Updates about how the requirements will be implemented will be given in the newsletter The Regulator’s Update, on their website and by direct email.