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Home/Legislation/Petroleum Act 1998/42

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Petroleum Act 1998

42Term of lease

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42 Term of lease (1) A retention lease starts on the day it is registered in the petroleum register. (2) A retention lease expires on the last day of the period specified by the Minister in the lease as the term of the lease, unless it is cancelled or surrendered earlier or unless this Act otherwise provides. (3) The Minister may specify that a retention lease is to have a term of up to 15 years. (4) A retention lease cannot be renewed.

Previous section41Restrictions on area to which lease applies Next section43Procedure if lease not to be granted

Section 42 - Petroleum Act 1998 - Term of lease — Zoe