hydrocarbon exploration permits
A. COMMITMENTS / OBLIGATIONS


1st VALIDITY PERIOD (6 years) €/ha. Per year
Year 1
1.803036
Year 2
1.803036
Year 3

3.606073

Year 4
3.606073
Year 5

9.015181

Year 6

9.015181

At the end of the 1st validity period, an additional extension period of 3 years can be requested, with an obligatory 50% reduction of the original area of the permit.


2nd VALIDITY PERIOD (3 year) €/ha. Per year
Year 7 (Year 1 - 1ST Extension)
4.808097
Year 8 (Year 2 - 1ST Extension)
4.808097
Year 9 (Year 3 - 1ST Extension)

12.921760

 

The processing and award of an application, as well as all other administrative documentation of an Exploration Permit, is done with the Ministry of Industry, Tourism and Commerce (General Hydrocarbon Subdepartment) in the case that the Permit falls in more than one Autonomous Community or wholly or partly over the sea. If the Permit is wholly within a single Community, the anterior cited applications and documentation must be processed by the Administrative Organisms empowered by that Community in these matters.

 
B. GUARANTEE

To ensure that the commitments of a Permit cited above are undertaken, the Permit Holder is obliged to provide a guarantee (in the format a bank guarantee or in cash). The amount of the before-mentioned guarantee is calculated in euros by multiplying the surface area of the Permit by 0.901518/ha. In the case of non-fulfilment of the investment commitment, the guarantee will be attached.

 
C. SURFACE RENTAL FEES


Years €/ha. Per year (*)
During the 1st validity period of the Permit
0.078615
Year 7 (Year 1 - 1st Extension)
0.12625

(*) Amounts correspond to 2010.These amounts are revised annually using the estimated Consumer Price Index as a reference for that year.