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

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(b) specify further terms and conditions in respect of the appointment 
which may include a probationary period not exceeding one year. 
 
(5) The Authority may, by notice, specify the categories of companies to 
which this regulation shall apply. 
94. (1) A company undertaking midstream and downstream petroleum 
operations shall – 
(a) establish a code of business conduct and ethics and disclose in the 
code, such information and practices necessary to maintain 
confidence in its operations; 
(b) disclose the beneficial owner of the company to the Authority in the 
manner prescribed by the Authority; 
(c) ensure the prevention of anti-competitive behaviour with respect 
to its operations; 
(d) register and use a separate company for each stream of petroleum 
operation under the Act; 
(e) maintain separation in management, accounting, and legal 
entities of its licensed and permitted activities. 
(f) ensure that licensed activities between it and its affiliate shall be 
undertaken in a manner that the transfer pricing between both 
entities is undertaken on a transparent arm’s length basis and in a 
manner that reflects the pricing principles contained in the Act; and 
(g) not release from its employment a management member of  staff 
except with the prior authorisation of the Authority and in 
accordance with the guidelines made pursuant to these 
Regulations. 
 
(2) The code of business conduct and ethics in this regulation shall take 
into account the legal obligations and reasonable expectations of the 
company’s stakeholders, as well as the responsibility and accountability 
of individuals reporting on issues of unethical practices. 
 
(3) The code shall be reviewed at least once every five years provided 
that the Authority may direct further reviews of the code prior to the 
expiration of the five-year period 
Business 
conduct and 
ethics 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
95. (1) A company shall ensure adequate stakeholder communication 
and engagement. 
 
Stakeholder 
communication