You may require this lease if you intend to produce petroleum from an offshore area in the future that is not presently commercially viable.
If you hold an exploration permit in respect of a particular block of offshore area, you may apply for the grant of a retention lease in respect of that block.
Retention leases are awarded for non-commercial petroleum discoveries. You must demonstrate that the resource is not currently commercially viable, but is likely to become viable within the next 15 years. When the discovery is deemed to be commercial, the retention lease must be converted to a production licence. At any time during the five year term the government can request a review of the commercial viability of the field in the lease area.
Please consult the Contact Officer for more information.