•   This Part provides for the grant of petroleum retention leases over blocks in an offshore area.

•   A petroleum retention lease authorises the lessee to explore for petroleum in the lease area.

•   A petroleum retention lease over a block may be granted to:

  (a)   the holder of a petroleum exploration permit over the block; or

  (b)   the holder of a life - of - field petroleum production licence over the block.

•   The criteria for granting a petroleum retention lease over a block are:

  (a)   the block contains petroleum; and

  (b)   the recovery of petroleum is not currently commercially viable, but is likely to become commercially viable within 15 years.

•   A petroleum retention lease may be obtained as a result of a change to the boundary of the coastal waters of a State or Territory.