business.gov.au

Onshore Petroleum Retention Lease - Victoria

Description

The holder of an exploration permit can, after making a petroleum discovery, apply for a retention lease within the permit area.

A retention lease enables you to retain certain rights to a petroleum discovery where it is not currently commercially viable to develop but might become viable within 15 years.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

Please consult the responsible agency for more information regarding eligibility requirements.

Prerequisites

Must Have

Onshore Petroleum Exploration Permit

Duration

May be granted for a term of up to 15 years and cannot be renewed.

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Transfer Application All

Please consult the responsible agency for information on fees to be submitted with your application.

Forms

Act(s) name

Petroleum Act 1998 Victoria

Regulation(s) name

Petroleum Regulations 2011 Victoria

Application process

Apply

An application for a retention lease must be made at least 90 days before the your exploration permit is due to expire.

Additional information

The minister may request the lessee to re-evaluate the commercial viability of petroleum production at any time during the term of the lease.

Subsequently, if the minister is of the opinion that petroleum extraction is commercially viable, the minister may direct the lessee to apply for a production licence for the purpose of extracting the petroleum.

Administering agency

Resources Victoria

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.