74. The Minister renews a production licence for a 10-year period, not more than 5 times, provided that the holder
(1) pays the fee payable under section 68 for the first year of the renewal;
(2) has complied with the Act and its regulations during the previous term;
(3) demonstrates that the holder has produced petroleum for at least 24 months during the 5 years preceding the renewal application; and
(4) demonstrates that the pool development approach allows for an optimal and safe recovery of the petroleum.
After those periods, the Minister may authorize the extension of the licence term for the period the Minister determines, where the holder has applied for it in accordance with the first paragraph and demonstrates the economic relevance of the pool for the extension period.
The renewal application must be sent at least 120 days before the end of the previous term.