Library / Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024
Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024

Page 48 of 101
 
 
Page | 48 
 
CHAPTER 6 
ASSIGNMENT, TRANSFER OR SURRENDER OF LICENCE OR PERMIT 
 
80. A holder of a licence or permit shall not assign or transfer its licence or 
permit or any right or obligation arising from the licence or permit to any 
person without the prior written consent of the Authority. 
Prohibition of 
assignment or 
transfer of 
licence or 
permit without 
the consent of 
the Authority 
81. (1) For the purpose of these Regulations, an assignment or transfer of 
licence or permit shall include -  
(a) assignment or transfer by merger of two or more companies; 
(b) assignment or transfer by acquisition of a company or asset; 
(c) 
assignment or transfer to a company in a group of which the 
transferor is a member, and is to be made for the purpose of 
reorganisation in order to achieve greater efficiency and 
acquire resources for effective petroleum operations; 
(d) assignment or transfer to a new company; 
(e) assignment or transfer by reason of devolution of ownership of 
shares or interest in ownership of shares by operation of law; 
(f) 
assignment or transfer by exchange or transfer of shares, private 
placement, or public listing; and 
(g) assignment or transfer by testamentary instruments. 
 
(2)  
The Authority may, by notice, determine any other category of 
assignment or transfer of licence or permit. 
Nature of 
assignment or 
transfer of 
licence or 
permit  
 
82. (1)  
A licence or permit holder shall notify the Authority prior to a 
change of name arising from a corporate restructuring. 
(2)  
Where the Authority has no objection to the change of name, the 
licensee or permit holder shall - 
(a) 
apply to the Authority for a new licence or permit in the 
new name; 
(b) 
return the licence or permit in the previous name to the 
Authority for cancellation; and 
(c) 
pay prescribed fees for such change of name on a licence 
Change of 
name