73Rights conferred by petroleum exploration permit

73 Rights conferred by petroleum exploration permit

(1) A petroleum exploration permit authorises the permittee, in accordance with the conditions (if any) to which the permit is subject—

(a) to explore for petroleum in the permit area; and

(b) to recover petroleum on an appraisal basis in the permit area; and

(c) to carry on such operations, and execute such works, in the permit area as are necessary for those purposes.

(2) Express references in this Act to the injection or storage of a substance do not imply that subsection (1) does not operate so as to authorise the permittee—

(b) to carry on operations to store (whether on a permanent basis or otherwise) a substance in the seabed or subsoil of the offshore area.

(3) The regulations may provide that a petroleum exploration permit authorises the permittee, in accordance with the conditions (if any) to which the permit is subject—

(a) to explore in the permit area for a potential greenhouse gas storage formation; and

(b) to explore in the permit area for a potential greenhouse gas injection site; and

(c) to carry on such operations, and execute such works, in the permit area as are necessary for those purposes.

(4) The rights conferred on the permittee by or under subsection (1) or (3) are subject to this Act and the regulations.