PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 46
PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 46
46—Application for licence in respect of surrendered etc blocks
(a) a
licence is surrendered or cancelled as to a block; or
(b) a
permit or lease is surrendered, cancelled or determined as to a block—
(i)
that, at the time of the surrender, cancellation or
determination, was, or was included in, a location; and
(ii)
in which, in the opinion of the Minister, there is
petroleum,
the Minister may, at any subsequent time, by instrument published in the
Gazette—
(c)
invite applications for the grant of a licence in respect of that block; and
(d)
specify a period within which applications may be made.
(2) The Minister
shall, in an instrument under subsection (1), state—
(a) that
an applicant is required to specify an amount that he would be prepared to pay
in respect of the grant of a licence to him on his application; or
(b) that
an applicant is required to specify a rate of royalty that he would be
prepared to pay, if a licence were granted to him on his application, in
respect of petroleum recovered under the licence, being a rate that exceeds 10
per centum of the value at the well-head of that petroleum.
(3) Where the
Minister, in an instrument under subsection (1), states that an applicant
is required to specify a rate of royalty as mentioned in paragraph (b) of
subsection (2), the Minister may, in that instrument, state that an
applicant on whose application he is prepared to grant a licence will also be
required to pay to him, in respect of the grant of the licence to the
applicant, the amount specified in that behalf in that instrument.
(6) An application
under this section—
(a)
shall be in accordance with an approved form; and
(b)
shall be made in an approved manner; and
(c)
shall be accompanied by the particulars referred to in section 40(1)(c);
and
(d)
shall specify, in accordance with the requirement in the instrument by which
applications were invited, the amount or the rate of royalty that the
applicant would be prepared to pay; and
(f) may
set out any other matters that the applicant wishes the Minister to consider.
(7) The Minister may,
at any time, by instrument in writing served on the applicant, require him to
furnish, within the period specified in the instrument, further information in
connection with his application.