Cap. 156 Art. 4Licences to pros- pect for, explore for and produce petroleum.

(1) The Minister shall have the power to grant to the successful applicant, a licence to prospect for, explore for and produce petroleum in Malta.

(2) Any such licence shall be granted for such consideration (by way of fee, royalty, revenue, profit from the sale or disposal of petroleum and, or otherwise) as the Minister may determine, and over such areas, for such periods and upon such other terms and conditions as may be stipulated in the call for applications and the licence to ensure the proper performance of the licensed activities:

Provided that the Minister may impose conditions and requirements in the licence in connection with but not limited to national security, public safety, public health, security of transport, protection of the environment, protection of biological resources and of national treasures possessing artistic, historic or archaeological value, safety of installations and of workers, planned management of petroleum resources such as the rate at which petroleum is depleted or the optimisation of its recovery or the need to secure tax revenues.

(3) The duration of validity of a licence shall not exceed the period necessary to complete the activities specified in the licence:

Provided that the Minister may renew or extend the licence for such a time period as may be necessary for the proper conduct of the work obligations specified in the licence:

Provided further that the licensee shall not retain exclusive rights over the licensed area for longer than is necessary for proper performance of the licensed activities.