51. A production licence gives its holder the right to produce petroleum.
A storage licence gives its holder the right to use an underground reservoir to store materials the Government determines by regulation.
The production or storage licence must include any conditions, which are not inconsistent with this Act and the regulations, that are agreed on by the Minister and the holder. It may also include conditions proposed by the Board.
The Minister may subject a licence to conditions designed to avoid conflicts with other uses of the territory.
The Government determines, by regulation, any other conditions for exercising the licences.