134Simplified outline

#### 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.