You may require this lease if you have discovered a petroleum or geothermal energy resource that is not yet commercially viable but you intend to retain the right to exploit it in the future.
Petroleum is any naturally occurring hydrocarbon or mixture of hydrocarbons, including oil and gas. Geothermal energy resources are any subsurface rock or other substance that contains geothermal energy. Geothermal energy is thermal energy that results from natural geological processes and is contained in geothermal energy resources.
Retention Leases are awarded for non-commercial discoveries. You must demonstrate that the resource is not currently commercially viable, but is likely to become so within the next 15 years.
When the discovery is deemed to be commercially viable, you must convert the Retention Lease to a Production Licence. At any time during the five-year term of the lease, the Government can request a review of the commercial viability.
Please consult the Contact Officer for more information.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
To be eligible for this lease you must:
- Hold a current exploration permit or drilling reservation over the relevant area;
- Provide particulars of the proposals of the applicant for work and expenditure in respect of the blocks (area) specified in the application;
- Provide particulars of the commercial viability of the recovery of petroleum or geothermal energy at the time of the application, and particulars of the possible future commercial viability of the recovery of petroleum or geothermal energy from that area; and
- Pay the prescribed fee.
Please consult the Contact Officer for more information regarding eligibility requirements.
The initial term of a retention lease is five years and it may be renewed provided it still meets the non-commercial criteria.
Please consult the Contact Officer for information on fees to be submitted.
Department of Mines and Petroleum
Petroleum and Geothermal Energy Resources Act 1967 (Western Australia)
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