Library / Midstream and Downstream Petroleum Operations Regulations 2025
Midstream and Downstream Petroleum Operations Regulations 2025

Page 41 of 82
B 2143
85.—(1)  A transferor who intends to assign or transfer a licence or permit
shall, prior to the assignment or transfer, notify the Authority of its intention to
undertake such an assignment or transfer.
(2)  A transferor’s notification to the Authority shall —
(a)  state the name, registered address and contact information of the
proposed transferee;
(b)  state the reason and the method for the conduct of the assignment or
transfer and the possible technical and financial value of such assignment or
transfer;
(c)  include a copy of its licence or permit; and
(d)  include any other information and documents prescribed by the
Authority.
(3)  The Authority shall not later than 30 days from the date of receipt of
the notification, communicate its decision to the transferor on whether or not to
proceed to the next stage of the transaction.
(4) Where the Authority fails to communicate its decision within the
timeframe prescribed in subregulation (3) of this regulation, the transferor may
proceed to the next stage of the transaction.
86.—(1) The transferor shall, following the decision of the Authority that
the parties may proceed with the transaction —
(a)  apply for an assignment or transfer of the licence or permit to the
transferee;
(b)  submit a copy of the documents evidencing the proposed assignment
or transfer; and
(c)  provide any other information as may be directed by the Authority.
(2)  The transferor and transferee shall, where required, make presentations
to the Authority on the proposed transaction, which shall include the transferee’s
technical and financial capability to operate such a facility.
(3) In the event of an assignment or transfer by operation of law, the party
who becomes the assignee or transferee under such circumstances shall apply
to the Authority for the assignment or transfer of the licence or permit within 30
days of the occurrence of the event.
(4)  The Authority shall, prior to a grant or refusal of the application,
conduct due diligence on the proposed transaction, taking into consideration
matters relating to —
(a)  technical capacity;
(b)  financial capacity;
(c)  legal and statutory compliance;
(d)  industrial relations and labour;
(e)  data management;
(f )  decommissioning and abandonment, where applicable;
Notification
of intention
to assign or
transfer a
licence or
permit
Application
to assign or
transfer a
licence or
permit