PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 50

PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 50

50—Grant of licences in respect of individual blocks

        (1)         Where a licence (in this section called the "original licence") is in force in respect of two or more blocks (not being blocks that form, or form part of, a location), the licensee may make an application to the Minister for the grant to him of two or more licences in respect of the blocks the subject of the original licence in exchange for the original licence.

        (2)         An application under subsection (1)—

            (a)         shall be in accordance with an approved form; and

            (b)         shall be made in an approved manner; and

            (c)         shall specify the number of licences required; and

            (d)         shall specify the block or blocks the subject of the original licence in respect of which each licence is sought; and

            (e)         shall be accompanied by the prescribed fee.

        (4)         Where a licensee has made an application under this section, the Minister must grant to the licensee production licences for petroleum in accordance with the application.

        (5)         A licence granted on an application under this section—

            (a)         remains in force, subject to this Part, but notwithstanding section 52, for the remainder of the term of the original licence; and

            (b)         shall be granted subject to conditions corresponding as nearly as may be to the conditions to which the original licence was subject.

        (6)         Where licences are granted on an application under this section—

            (a)         the original licence is, by force of this subsection, determined; and

            (b)         the determination has effect on and from the day on which those licences come into force.