332Duration of greenhouse gas holding lease

332 Duration of greenhouse gas holding lease

(1) A greenhouse gas holding lease (other than a special greenhouse gas holding lease) 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.

(2) A special greenhouse gas holding lease remains in force indefinitely.

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

1 For a special rule about the extension of the duration of a greenhouse gas holding lease if the lessee applies for a special greenhouse gas holding lease or greenhouse gas injection licence, see section 333.

2 For a special rule about the cancellation of a special greenhouse gas holding lease, see section 368.

3 For a special rule about the cancellation of a greenhouse gas holding lease granted to the holder of a petroleum retention lease, see section 369.

4 For a special rule about the extension of the duration of a greenhouse gas holding lease pending a decision on a renewal application, see section 362(6).

5 For a special rule about the extension of the duration of a greenhouse gas holding lease once a decision has been made refusing to renew the lease, see section 364(4) and (5).

6 For special rules about the extension of the duration of a greenhouse gas holding lease following a suspension or exemption decision, see sections 469 and 471.

7 For a special rule about when a greenhouse gas holding lease ceases to be in force following the grant of a greenhouse gas injection licence, see section 389.

8 For the surrender of a greenhouse gas holding lease, see Part 3.10.

9 For the cancellation of a greenhouse gas holding lease, see Part 3.11.

333 Extension of greenhouse gas holding lease if lessee applies for a special greenhouse gas holding lease or greenhouse gas injection licence

(a) a greenhouse gas holding lease (other than a special greenhouse gas holding 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 of a special greenhouse gas holding lease or greenhouse gas injection 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 special greenhouse gas holding lease or greenhouse gas injection licence over the block or one or more of the blocks | the special greenhouse gas holding lease or greenhouse gas injection licence is granted, the lessee withdraws the application or the application lapses. | | 2 | the application is for a special greenhouse gas holding lease and the Minister refuses to grant the lease to the lessee | notice of the refusal is given to the lessee. | | 3 | the application is for a greenhouse gas injection licence and the Minister refuses to grant the licence to the lessee on a ground covered by section 383(1) (c), (d), (e), (f) or (g) | the end of the period of 90 days after the day on which the notice of the refusal was given to the lessee. | | 4 | the application is for a greenhouse gas injection licence and the Minister refuses to grant the licence to the lessee on a ground not mentioned in item 3 | notice of refusal is given to the lessee. |