Document ID: chunk:federal_register_of_legislation:C2024C00828:section:134
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 134
Character Range: 345254–346229

134  Simplified outline
  The following is a simplified outline of this Part:

         • 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.