128Duration of petroleum retention lease

128 Duration of petroleum retention lease

S. 128(1) amended by No. 16/2018 s. 21(1).

(1) A petroleum retention lease (other than a lease granted under section 141A) remains in force for the period of 5 years beginning on—

(a) the day on which the lease is granted; or

(b) if a later day is specified in the lease as the day on which the lease is to come into force—that later day.

S. 128(1A) inserted by No. 16/2018 s. 21(2).

(1A) A petroleum retention lease granted under section 141A remains in force for the period of 5 years beginning on the day on which the lease is granted.

S. 128(2) amended by No. 16/2018 s. 21(3).

(2) Subsections (1) and (1A) have effect subject to this Chapter.

1 For a special rule about the extension of the duration of a petroleum retention lease if the lessee applies for a petroleum production licence, see section 129.

2 For a special rule about the extension of the duration of petroleum retention leases pending decisions on renewal applications, see section 142(5).

3 For special rules about the duration of a petroleum retention lease once a decision has been made refusing to renew the lease, see section 144(6) and (7).

4 For a special rule about the extension of the duration of a petroleum retention lease following a suspension or exemption decision, see sections 261 and 263.

5 For the revocation of a petroleum retention lease, see section 180.

6 For a special rule about when a petroleum retention lease ceases to be in force following the grant of a petroleum production licence, see section 171.

7 For the surrender of a petroleum retention lease, see Part 2.12.

8 For the cancellation of a petroleum retention lease, see Part 2.13.

129 Extension of petroleum retention lease if lessee applies for petroleum production licence

(a) a petroleum retention lease is in force over a block or blocks; and

(b) before the time when the lease would, apart from this subsection, expire, the lessee applies to the Minister for the grant by the Minister of a petroleum production licence over the block or one or more of the blocks—

| Extension of lease | | | | Item | In this case... | the lease continues in force over the block or blocks covered by the application until... | | 1 | the Minister gives the lessee an offer document relating to a petroleum production licence over the block or one or more of the blocks | the licence is granted, the lessee withdraws the application or the application lapses. | | 2 | the Minister decides not to grant a petroleum production licence to the lessee | notice of the decision is given to the lessee. |