Section 34 in The Petroleum and Natural Gas Rules, 1959
34. Saving of existing licenses and leases. - Notwithstanding the supersession of Petroleum Concession Rules, 1949, all licenses and leases granted thereunder, which are still in force on the commencement of these rules, shall [subject to the provisions contained in sub-rule 1 (a) of rule 141] continue to be in force and such supersession shall not affect-
(i)any right, privilege, obligation or liability acquired, accrued or incurred under the said Petroleum Concession Rules, 1949, or(ii)any penalty, forfeiture or punishment incurred in respect of any contravention of the provisions of the said Petroleum Concession Rules, 1949, or the said licenses and leases:[Provided that any such license or lease may be modified by mutual agreement between the Central Government and the licensee or the lessee where such license or lease has been granted by the Central Government, or between the State Government and the licensee or the lessee, with the approval of the Central Government, where such license or lease has been granted by the State Government.] [ Inserted by G.S.R. 371, dated 9.3.1966.]
