Description
A right to explore for and/or produce hydrocarbons issued by a Government agency, where rights to underlying minerals are not the property of the landowner. Exploration, drilling, development, etc. may be licensed separately, over varying lengths of time. Many licences require part-relinquishment of acreage after an initial period or ?primary term? and make the operations subject to the hydrocarbon policy of the country concerned. OR Various other forms of permit or authorisation affecting operations.
Source :
Alpha Thames Ltd 2004