Library / Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024
Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024
Page 52 of 101
Page | 52 (2) In accordance with the Act a company shall not a hold a licence or permit for both midstream and downstream petroleum operations except with the prior authorisation of the Authority. (3) A licensee and permit holder shall carry out only the specific activities for which its licence or permit was issued. (4) Any licensee or permit holder who wishes to engage in additional midstream or downstream petroleum activities shall obtain a separate licence or permit for that specific activity. (5) The Authority may, from time to time, publish on its website, a list of activities considered as overlapping between upstream, midstream and downstream petroleum operations. 90. From the commencement of these Regulations, each licensee shall — (a) keep separate accounts for each licensed activity it conducts; and (b) submit an annual audit of separated activities to the Authority for review. Separate Accounting & Annual Audit 91. (1) Where a licensee or permit holder holds licences or permits for overlapping upstream and midstream petroleum activities, the licensee or permit holder shall separate and unbundle its upstream and midstream petroleum operations into separate companies within a period not exceeding 12 months from the commencement of these Regulations. (2) Where a licensee or permit holder holds multiple licences or permits for overlapping midstream and downstream petroleum activities, the licensee or permit holder shall separate and unbundle its midstream and downstream petroleum operations into separate companies within a period not exceeding 12 months from the commencement of these Regulations. (3) The Authority may grant an extension of time not exceeding 6 months for the unbundling upon the licensee or permit holder showing reasonable cause. Power to Order Unbundling of Activities CHAPTER 8 CODE OF CONDUCT
RegulationsPDF52