You will require this licence if you intend to obtain a retention lease for petroleum. This lease provides security of title for petroleum resources that are not currently commercially viable but which have genuine development potential (i.e. development is likely to be commercially viable within fifteen years).
The Minister may request the lessee to re-evaluate the commercial viability of the petroleum production at any time during the term of the lease. Subsequently, if the Minister is of the opinion that extraction of the petroleum is commercially viable, the Minister may direct the lessee to apply for a production licence for the purpose of extraction of petroleum.
An environmental plan must be in force before any activity can be carried out. Furthermore, operations must stop immediately if a new or increased environmental risk is identified.