Section 104 Licences and leases granted under Petroleum and Other Minerals Development Act, 1960, etc.

This section exempts from stamp duty leases and licences entered into for the purposes of oil exploration. It also exempts the assignment of any such leases and licences from stamp duty.

The leases and licences which are exempted are:

• exploration licences. These give exclusive rights to the licensee to search for petroleum in the area to which the licence extends;
• prospecting licences. These allow the licensee to carry out testing and experiments on the land in the area to which the licence extends;
• petroleum leases. These allow for the exploitation of petroleum deposits which have been discovered;
• reserved area licences. These licences are granted to persons who hold petroleum leases in respect of the area surrounding the land to which the lease refers.

Relevant Date: Finance Act 2014