You may require this lease if you have discovered a petroleum or geothermal energy resource that is not yet commercially viable but you intend to retain the right to exploit it in the future.
Petroleum is any naturally occurring hydrocarbon or mixture of hydrocarbons, including oil and gas. Geothermal energy resources are any subsurface rock or other substance that contains geothermal energy. Geothermal energy is thermal energy that results from natural geological processes and is contained in geothermal energy resources.
Retention Leases are awarded for non-commercial discoveries. You must demonstrate that the resource is not currently commercially viable, but is likely to become so within the next 15 years.
When the discovery is deemed to be commercially viable, you must convert the Retention Lease to a Production Licence. At any time during the five-year term of the lease, the Government can request a review of the commercial viability.
Please consult the Contact Officer for more information.