You will need this licence if you intend to secure title over a currently non-commercial petroleum, geothermal or gas storage discovery in the area of your exploration licence for a reasonable period of time until it becomes commercial.
A retention licence will allow you to conduct operations to:
- establish the nature and extent of a discovery of regulated resources
- establish the commercial feasibility of production and appropriate production techniques.
There are three categories of licence:
- petroleum retention licence
- geothermal retention licence
- gas storage retention licence.