Summary of petroleum title types
This page contains a summary of the types of petroleum titles which can be obtained in the Northern Territory under the Petroleum Act or the Petroleum (Submerged Lands) Act.
Petroleum Act | Petroleum (Submerged Lands) Act | |
---|---|---|
Title type | Exploration permit | Exploration permit |
Reference | EP | NTC/P |
Term | 5 years - 50% relinquishment at end | 6 years - 50% relinquishment at end |
Renewal term | 5 years - maximum of 2 renewals | 5 years - maximum of 2 renewals |
Maximum blocks | 200 (5ft block/s) | 400 (5ft block/s) |
Title type | Retention licence | Retention lease |
Reference | RL | NTC/RL |
Term | 5 years | 5 years |
Maximum blocks | 12 (5ft block/s) | Extent of petroleum pool/location (5ft block/s) |
Renewal term | Subsequent 5 year periods if discovery remains uncommercial | Subsequent 5 year periods if discovery remains uncommercial |
Title type | Production licence | Production licence |
Reference | L | NTC/L |
Term | 21 or 25 years | 21 or 25 years |
Renewal term | Up to 25 years | 21 years |
Maximum blocks | 12 | Extent of petroleum pool/location |
Last updated: 28 November 2017