Petroleum Lease definition

Petroleum Lease means a lease issued pursuant to the provisions of the Petroleum and Other Minerals Development Act, 1960 (as amended) or any statutory enactment amending or replacing the same or an analogous lease or authorisation process of any other competent authority authorising the production of Natural Gas;
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Petroleum Lease means a petroleum lease under the Petroleum Act 1923.
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Petroleum Lease means Petroleum Leases Numbers O.L.4 and O.L.5 held by the Producers under the Petroleum Act and any substitute or renewal lease or other rights permitting the production of natural gas from the area the subject of the Petroleum Lease.
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Examples of Petroleum Lease in a sentence

  • The Lessee is the holder of a petroleum lease granted under the former provisions of the Petroleum Act 1936 registered as Petroleum Lease Number 1H (hereinafter called “the Xxxxxx Island Lease”).

  • The Lessee is the holder of a petroleum lease granted under the former provisions of the Xxxxxxxxx Xxx 0000 registered as Petroleum Lease Number 1H (hereinafter called “the Xxxxxx Island Lease”).

  • A Petroleum Lease vests in the Lessee the exclusive right to produce petroleum from the leased areas.

  • Further to the petroleum lease granted to the Corrib Gas Partners pursuant to Section 13 of the Petroleum Act 1960 (Corrib Petroleum Lease), a number of additional consents have been granted in respect of the Corrib Gas Field development, the details of which can be found on the DECC website.

  • The Seven Heads gas field is located within the Seven Heads Petroleum Lease.Adjacent gas fields, Kinsale Head, Southwest Kinsale, Greensand and Ballycotton gas fields are all located within Kinsale Head Petroleum Lease (OPL 1).The Seven Heads facilities were installed between 2002 and 2003 with gas production commencing in 2003.

  • The Seven Heads Petroleum Lease details are summarised in Table 2 below.Table 2: Lease details LeaseCommencement Date Block No.Area (km²)Participants (* = Operator) % Interest Seven Heads 13 November 2002 48/23 (p), 168.5 *PSE Seven Heads 86.5%Petroleum Lease 48/24 (p), Limited 48/29 (p) & 48/30 (p) Island Oil and Gas12.5% Plc.

  • It is planned to conduct an extended production test in the second half of 2006 to determine the size of the resource prior to a Petroleum Lease application and to determine the requirement for further seismic and/or drilling on the structure.

  • All granted concessions and tenements (with the exception of ATP 2028 and ATP 2029, and Petroleum Lease 21 (PL21) which are discussed below) are currently in good standing and, in accordance with normal industry practice, the Company surrenders some or all un-prospective parts of its concessions and tenements at the appropriate time so as to manage its minimum expenditure obligations and to retain the capacity to apply for additional prospective areas.

  • Arrow holds the Petroleum Lease over the coal seam gas supply area and is likely to hold the pipeline licence.

  • In 1982 the Northern Territory granted Petroleum Lease No. 3 for the Palm Valley gas field to a MPAL subsidiary.


More Definitions of Petroleum Lease

Petroleum Lease means a property right with respect to which a lessee enjoys the right to drill, develop, produce and possess petroleum resources for a determinable period. May also be referenced as a subsurface lease or mineral rights lease.
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Petroleum Lease means the Petroleum Lease referred to in Recital A hereof and includes any renewals or extensions thereof.
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Petroleum Lease or "lease" means a lease under this Act;
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Petroleum Lease see section 318AI (1) . "petroleum lease application period" see section 318BG (2) . "petroleum tenure" see section 318AI (3) . "physical monument" means a thing placed in or on land for the purpose of locating the boundary of an area of land, including, for example—
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Related to Petroleum Lease

  • Mining Lease means the mining lease granted pursuant to Clause 12 and includes any renewal thereof and according to the requirements of the context shall describe the area of land demised as well as the instrument by which it is demised;

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

  • Lease means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled to the use or occupancy of any real property for any period of time.