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

Page 49 of 101
 
 
Page | 49 
 
or permit. 
(3)  
A change of name shall not constitute an assignment or transfer of 
licence for the purpose of these Regulations provided that shareholders 
remain the same as before the change of name and there is no transfer 
of assets or liabilities to another entity. 
83. (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 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 
economic value of such assignment or transfer; 
(c) 
provide the original or a certified true copy of its licence or 
permit; and 
(d) 
provide or submit any other information and documents 
stipulated in guidelines issued by the Authority. 
(3) The Authority shall not later than 21 working 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 stipulated in sub-regulation (3) of this regulation, the transferor 
may proceed to the next stage of the transaction. 
 
(5) Following the decision of the Authority, the transferor shall publish a 
notice of the application in the format prescribed in guidelines issued by 
the Authority. 
 
Notification of 
intention to 
assign or 
transfer a 
licence or 
permit  
84. (1) The transferee 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 
its company; 
(b) 
submit a copy of the documents evidencing the transfer 
which shall be certified by a court of competent jurisdiction; 
Application 
for assignment 
or transfer of 
licence by the 
transferee