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Oilfield Glossary
lease
1.
n.
[Geology]
ID: 303
An area of surface land on which
exploration
or
production
activity occurs.
(Click to enlarge)
Map of color-coded leases and structure contours
1.
vt.
[Geology]
ID: 305
The act of acquiring acreage for
exploration
or
production
activity.
See:
licensing round
2.
n.
[Geology]
ID: 304
The contract that conveys the rights to explore and produce from the owner of the
mineral
rights (lessor) to a tenant (lessee), usually for a fee and with a specified duration. A lease usually includes a provision for sharing
production
.
See:
licensing round
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