H-4.2 - Petroleum Resources Act

Full text
61. The holder of a licence may, with the Minister’s authorization, surrender their production or storage right in all or part of the territory subject to the licence. The Government determines, by regulation, the conditions for obtaining an authorization and the liability to be assumed by the licence holder following the surrender.
In the case of partial surrender of a right conferred by a production licence, the residual area must be included within a single perimeter that, unless otherwise authorized by the Minister, must not be less than 2 km2.
2016, c. 35, s. 232016, c. 35, s. 23.
Not in force
61. The holder of a licence may, with the Minister’s authorization, surrender their production or storage right in all or part of the territory subject to the licence. The Government determines, by regulation, the conditions for obtaining an authorization and the liability to be assumed by the licence holder following the surrender.
In the case of partial surrender of a right conferred by a production licence, the residual area must be included within a single perimeter that, unless otherwise authorized by the Minister, must not be less than 2 km2.
2016, c. 35, s. 232016, c. 35, s. 23.