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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(d) Record of internal training, audits, and remedial actions undertaken; 
(e) A compliance certificate signed by the Chief Executive Officer or other 
senior officer, affirming truthfulness and adherence to this Regulation under 
penalty of false declaration. 
 
112. Appointment of Competition Compliance Officer 
(1) The Authority may direct any licensee meeting specified thresholds to 
designate a Competition Compliance Officer, who shall be responsible for: 
(a) Ensuring implementation of internal compliance measures; 
(b) Liaising with the Authority on all matters relating to competition 
compliance; and 
(c) Promptly reporting any potential violations. 
(2) The name and contact details of the appointed Compliance Officer shall 
be communicated to the Authority and updated as necessary. 
 
113. Record-Keeping Obligations 
(1) All licensees shall retain records relevant to competition oversight—
including contracts, correspondence, pricing and volume data, and access 
logs—for a minimum period of ten (10) years. 
(2) The destruction, alteration, or concealment of relevant records, especially 
where an investigation is known or reasonably anticipated, shall constitute an 
offence punishable under this Regulation. 
 
114. Compliance Audits 
(1) The Authority may conduct compliance audits on any licensee either 
randomly or based on risk indicators. 
(2) Such audits may involve interviews with personnel, review of contracts and 
digital records, and assessment of compliance controls. 
(3) The Authority may issue post-audit compliance recommendations. If the 
findings are minor and corrected promptly, no enforcement action shall be 
initiated. However, material violations uncovered during audits may trigger 
formal investigations and sanctions. 
 
115. Industry Guidance and Advisory Opinions 
(1) The Authority shall periodically engage stakeholders through workshops, 
publications, or sectoral guidelines to foster a culture of competition 
compliance. 
(2) Licensees may seek non-binding advisory opinions from the Authority on 
proposed arrangements or conduct with potential competition implications. 
(3) While not constituting legal clearance, such advisory opinions shall be 
taken into consideration by the Authority in determining the good faith efforts 
of the licensee.