50Minister may invite tender applications

50 Minister may invite tender applications (1) The Minister may invite applications for the grant of a production licence in respect of an area if— (a) in the opinion of the Minister, there is petroleum or a reservoir in the area; and (b) the area— (i) is not the subject of an exploration permit, a retention lease or a production licence; or (ii) was the subject of an exploration permit, a retention lease or a production licence that has expired or that has been surrendered or cancelled in respect of that area. S. 50(1A) inserted by No. 20/2020 s. 14. (1A) In determining whether to invite applications for the grant of a production licence, the Minister must take into account any prescribed factor. (2) The invitation must specify— (a) the chief factors that will be considered by the Minister in assessing applications; and (b) a date by which applications must be made. (3) The invitation may specify— (a) that an applicant must specify the amount that it is willing to pay for the grant of the licence or the royalty regime that it is prepared to accept under the licence; and (b) the basis on which applications will be primarily decided (for example, work program, cash bid or royalty bid). S. 50A inserted by No. 20/2020 s. 15.