You will need a licence or lease if you discover petroleum resources that have development potential, and are not currently commercially viable, but are likely to be viable within 15 years. Petroleum means any naturally occurring oil or gas. To be commercially viable, petroleum must be of a commercial quality and quantity.
If you hold a retention licence or lease, you will need to actively work towards making the discovered resource commercially viable. Special conditions to ensure this happens may be attached to the licence or lease.
When the resource is considered to be commercially viable, you must convert the retention licence or lease to a production licence.
This licence or lease applies to both onshore and coastal petroleum discoveries.
