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Petroleum Retention Lease - Tasmania

Description

You may need this lease if you intend to explore for petroleum in Tasmanian coastal waters. Tasmanian coastal waters extend for three nautical miles from the coastline of Tasmania.

If you have an exploration permit authorising you to explore for petroleum in particular blocks, you may apply for the grant of a retention lease over those blocks. A lease authorises you to explore for petroleum, and carry on operations and execute works for that purpose, in the lease area.

A retention lease is a holding title. You may intend to apply for a retention licence if you have discovered a petroleum resource, but its extraction is not yet commercially viable. A retention lease will allow you more time in which to plan to develop the resource, and to obtain financing.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

To be eligible for this lease you must:

  • hold a petroleum exploration permit
  • provide particulars of the work and expenditure you propose to undertake in the lease area
  • provide details of the commercial viability of the recovery of petroleum, and the future commercial viability.

The agency will not grant a lease unless it is satisfied that the area is not commercially viable, but is likely to become commercially viable within 15 years of granting the lease.

Duration

Five years

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All

Please consult the Contact Officer for information on fees to be submitted.

Forms

Act(s) name

Petroleum (Submerged Lands) Act 1982 Tasmania

Approval time

120 business days

Administering agency

Department of State Growth

Mineral Resources Tasmania

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.