43 CFR 3207.5 - What terms (time periods) apply to my lease?
Your lease may include a number of different time periods. Not every time period applies to every lease. These periods include:
(a) A primary term consisting of:
(1) Ten years;
(b) A drilling extension of 5 years under § 3207.14;
(c) A production extension of up to 35 years; and
(d) A renewal period of up to 55 years.