Victorian Current Acts Victorian Current Acts(1) This section sets out a simplified outline of this Part.
(2) This Part provides for the grant of petroleum retention leases over blocks in the offshore area.
(3) A petroleum retention lease authorises the lessee to explore for petroleum in the lease area.
(4) 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.
(5) 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.
S. 117(5A) inserted by No. 16/2018 s. 17.
(5A) A petroleum retention lease may be obtained as a result of a change to the boundary of the offshore area.
(6) This section is intended only as a guide to readers as to the general scheme and effect of this Part.