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

Page 50 of 101
 
 
Page | 50 
 
(c) 
where required, make presentations to the Authority on its 
technical and financial capability to operate such facility; 
(d) 
provide any other information as may be directed by the 
Authority; and 
(e) 
pay the prescribed fees. 
 
(2) Prior to a grant or refusal of an application the Authority shall conduct 
due diligence on the proposed transferee in accordance with guidelines 
issued by the Authority. 
 
85. (1)  
The Authority shall inform an applicant in writing of its consent to 
or refusal of the application within 90 days from the date the application 
was received by the Authority. 
(2) Where the Authority refuses the grant of an application, it shall inform 
the applicant in writing the reason for the refusal, and the applicant may 
make further representations for the application within 21 days of such 
refusal being communicated. 
(3)Where the Authority fails to communicate its decision within 90 days, 
the application shall be deemed to be approved. 
Grant of 
consent to 
assign or 
transfer 
86. (1) A licensee or permit holder may, at any time, apply to the Authority 
in writing, for the surrender of its licence or permit. 
 
(2) 
The application for surrender shall be accompanied by a report 
containing: 
(a) a detailed reason for the surrender; 
(b) evidence of settlement of all outstanding liabilities and 
obligation relating to the licence or permit; and 
(c) a detailed plan for decommissioning and environmental 
remediation, where applicable. 
(3) 
The Authority may accept the surrender of a licence or permit if: 
(a) all obligations, financial or otherwise relating to the licence or 
permit are settled; 
(b) the environment and public safety are not jeopardised by the 
surrender; and  
(c) the entity has made appropriate arrangements for the 
Surrender of 
Licence or 
Permit