Retention lease guideline update
The Department of Industry, Innovation and Science, in collaboration with the National Offshore Petroleum Titles Administrator (NOPTA), has updated the ‘Offshore Petroleum Guideline For Grant And Administration Of A Retention Lease’, which is currently an interim version last updated in 2012.
This is part of a routine process underway to update guidelines related to offshore petroleum activities. The updated guideline does not represent any fundamental change on retention leases but rather ensures the document remains aligned with existing policy, regulation and processes related to retention leases. Changes to the guideline include streamlining the information and guidance provided and clarifying the application and reporting processes. Ultimately, the guideline seeks to assist existing and prospective titleholders to understand the requirements and processes related to applications, assessments and decisions on retention leases. The updated guideline can be found on NOPTA’s website.