You will require a retention lease if you intend to reserve an area for commercial petroleum mining where the mining activity is not currently viable. This lease is granted if the area will become commercially viable in the next fifteen years. This lease allows the holder to explore and recover petroleum. It also allows them to carry out operations and works within the leased area.
Offshore petroleum mining governed by the Victorian State must be within three nautical miles of the coast. Further than this is in Commonwealth waters and all licences are granted by the Commonwealth.