You can apply for a petroleum lease over an area of your authority to prospect (ATP) if you make a discovery that is currently commercially viable. If the lease is granted, the area is excised from the ATP.
You can also apply for a petroleum lease in response to a call for tenders, in which case a pre-existing ATP is not required.
A petroleum lease gives you the right to:
- explore for petroleum
- test for petroleum production
- produce petroleum
- use natural underground reservoirs for petroleum storage
- plug and abandon a bore or well.