VICIn ForceAct
Petroleum Act 1998
36Purpose of a retention lease
Start here
Get a plain-English read of 36
Turn the raw legal text into a practical explanation grounded in Petroleum Act 1998.
36 Purpose of a retention lease
A retention lease enables the holder of an exploration permit to retain certain rights to a petroleum discovery that it is not commercially viable to develop under a production licence at the time the lease is granted, but which might become viable to develop within 15 years.