Section 20 in The Petroleum Concession Rules, 1949
20. Period of grant or renewal of a prospective licence .-(1) The term for which an exploring licence may be granted shall be two 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 decline to grant him one or both renewals.
(2)If the licensee, before the termination of the period of his licence, applies for the grant of a prospecting licence or mining lease, the period shall be further extended till the prospecting licence or the mining lease, as the case may be, is granted.
