National Offshore Petroleum Safety and Environmental Management Authority N-04730-FM1519 A394812 14/07/2020 Page 1 of 6
Financial Assurance Declaration
Document No: N-04730-FM1519 A394812
Regulation 5G of the Offshore Petroleum and Greenhouse Gas Storage (Environment) Regulations 2009 provides
that NOPSEMA must be reasonably satisfied that a titleholder is compliant with section 571(2) of the Offshore
Petroleum and Greenhouse Gas Storage Act 2006 prior to accepting an environment plan
(EP) or revised EP.
In accordance with NOPSEMA’s Financial Assurance for Petroleum Titles Guideline (the Guideline)
(N-04730-GL1381), titleholders must provide declarations of compliance with section 571(2) to NOPSEMA for all
petroleum titles on which petroleum activities are to be undertaken. A Financial Assurance Declaration relates to
the titles for which the declaration is made and may be applicable to multiple activities and multiple EP submissions
for those titles.
A Financial Assurance Declaration can be made to NOPSEMA at any time. A Financial Assurance Confirmation
(N-04730-FM1465) must also be provided by the titleholder undertaking the activity prior to acceptance of an EP.
Further advice on meeting financial assurance requirements is provided in the Guideline available on NOPSEMA’s
This declaration must be signed by individuals who;
• are the registered holder of the titles to which the declaration relates; or
• are acting with the registered titleholder’s express or implied authority and on behalf of the titleholder; or
• are acting with power of attorney on behalf of the titleholder.
On receipt of a Financial Assurance Declaration that contains all of the requisite information, NOPSEMA will provide
a notification of receipt.
Where a Financial Assurance Declaration is not provided in a form acceptable to NOPSEMA, the titleholder(s) will be
advised and requested to provide a further declaration.
Where a titleholder is unable to provide a Financial Assurance Declaration to NOPSEMA it is recommended that the
titleholder contact NOPSEMA’s Environment Division as soon as practicable.
Failure to provide a Financial Assurance Declaration will1 prevent NOPSEMA from accepting an EP.
Supplying false or misleading information to a Commonwealth Entity is an offence under the Criminal Code Act 1995
and providing such false information may render NOPSEMA’s decisions in accepting EPs which rely on a Financial
Assurance Declaration as invalid.
This is a NOPSEMA process requirement and is not a legislative requirement under the OPGGS Act.