PETROLEUM ACT 1998 - SECT 42 Term of lease
PETROLEUM ACT 1998 - SECT 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.