Section 34 in The Petroleum Concession Rules, 1949
34. Period of grant of renewal of a prospecting licence .-(1) The period for which a prospecting licence may be granted shall be three years but may be shorter if the applicant himself so desires. The licensee shall be entitled to two renewals of one year each, but the Central Government may, for special reasons, decline to grant one or both the renewals.
(2)The Central Government may, in cases where the licensee holds prospecting licences over two or more geologically related areas, extend the period referred to in (1) above by such further period as may be considered necessary.(3)If the licensee, before the termination of the period of his licence, applies for the grant of mining lease, the period shall be further extended till the mining lease is granted.
