Library / MIDSTREAM AND DOWNSTREAM PETROLEUM CODE OF CONDUCT REGULATIONS, 2023
MIDSTREAM AND DOWNSTREAM PETROLEUM CODE OF CONDUCT REGULATIONS, 2023

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(4) Where the Authority determines that the appointment of a managing 
director or chief executive officer is not in compliance with these 
Regulations, the Authority may, not later than 14 days after notification of 
the appointment- 
(a) direct that the company withdraw the appointment; or 
(b) specify further terms and conditions in respect of the appointment 
which may include a probationary period not exceeding one year. 
 
(5) The Authority may, by notice specify the categories of company to 
which this regulation shall apply. 
 
 
7. (1) A company undertaking midstream and downstream petroleum 
operations shall appoint a compliance officer, who shall be responsible 
for: 
(a) monitoring and coordinating the implementation of regulatory 
requirements and expectations along control and operational 
functions; and 
(b) reporting to the Board all regulatory infractions and concerns. 
 
(2) The company shall notify the Authority of the compliance officer’s 
appointment not later than 72 hours after such appointment or 
subsequent change thereof. 
 
Company to 
appoint a 
compliance 
officer 
8. (1) A company undertaking midstream and downstream petroleum 
operations shall – 
(a) establish a code of business conduct and ethics and disclose in the 
code, such information and practices necessary to maintain 
confidence in its operations; 
(b) disclose the beneficial owner of the company to the Authority in 
the manner prescribed by the Authority; 
(c) ensure the prevention of anti-competitive behaviour with respect 
to its operations; 
(d) register and use a separate company for each stream of 
petroleum operation under the Act; 
(e) maintain separation in management, accounting and legal 
entities of its licensed and permitted activities. 
(f) ensure that licensed activities between it and its affiliate shall be 
undertaken in a manner that the transfer pricing between both 
Business conduct 
and ethics