Library / PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

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    (c) The applicant undertakes to cease the infringing conduct and 
implement corrective measures; and 
    (d) The application does not materially prejudice the Authority’s ability to 
ensure deterrence and effective enforcement. 
 
(2) Settlement shall not be available where the conduct: 
    (a) Involves fraud, corruption, or wilful obstruction of justice; 
    (b) Causes substantial and irreparable harm to market participants or 
consumers; or 
    (c) Raises issues of overriding public interest requiring full adjudication. 
 
5. Conditions for Settlement 
 
The following conditions must be satisfied before a settlement may be 
concluded: 
(a) Full and truthful disclosure of all facts relevant to the case; 
(b) Written acknowledgement of the facts and legal basis of the infringement; 
(c) Cooperation with the Authority, including disclosure of internal documents, 
data, and testimony; 
(d) Agreement to proposed remedies, compliance undertakings, or corrective 
actions; and 
(e) Agreement to the payment of any settlement sum, penalty, or fine 
reduction determined by the Authority. 
 
 
Part III – Procedural Steps and Timelines 
 
6. Initiation of Settlement Process 
 
(1) A regulated entity may submit a written Notice of Settlement Interest within 
14 days of receiving: 
    (a) A Statement of Objections; or 
    (b) A Notice of Investigation Findings. 
(2) The Authority may, at its discretion, invite a party to consider settlement 
where it deems the case suitable. 
 
7. Submission of Settlement Application 
 
(1) A formal Settlement Application must be filed within 30 days of submitting 
a Notice of Settlement Interest. 
(2) The application shall include: 
    (a) Full admission of facts and liability; 
    (b) Proposal for settlement terms, including corrective measures; 
    (c) Evidence of internal compliance improvements; 
    (d) A statement of willingness to cooperate with the Authority; and 
    (e) Confidentiality requests, if any.