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

Page 75 of 101
 
 
Page | 75 
 
“assignment or transfer by exchange or transfer of shares” means the 
acquisition of part or all the shares of a company which holds a licence 
or permit in Nigeria; 
“assignment or transfer by merger” means where a company which holds 
a licence or permit combines with one or more companies to form 
another company by way of payment, exchange of shares or by any 
other means whatsoever; 
“assignment or transfer through private placement or public listing” means 
Private Placement or Public listing in Stock Exchange, of a part or of the 
whole of the shares of a company which holds a licence or permit; 
“assignment or transfer by testamentary instrument” means the 
assignment or transfer of shares or an asset by means of a Will or Letters of 
Administration. 
“ASTM”, means American Society for Testing and Materials.  
“Authority” means the Nigerian Midstream and Downstream Petroleum 
Regulatory Authority; 
“backloading” means the act of loading back received petroleum liquids 
or gas from a bulk storage facility into a ship or other vessels; 
"barrel (bbl)" has the meaning ascribed to it in the Act; 
“blending operations” means activities that involves the mixing or 
blending of different proportions of gas such as propane-butane, ethane-
propane-butane etc., or the mixing or blending of different proportions of 
petroleum liquid products such as base oil-additives etc; 
“Board” means the Board of Directors of a company undertaking 
midstream and downstream petroleum operations in Nigeria; 
“bulk storage” means the storage of petroleum liquids or gas in large 
quantity for wholesale supply; 
"calibration" means the process or procedure of determining the exact 
volume, capacity, or partial capacity of a standard capacity measure;  
“cease and desist order” means a written notice directed to a person 
demanding the immediate cessation of a prohibited act or activity which 
is being, has been or is likely to be undertaken by the person; 
“Change” means –