அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
(1)
The contractor may apply for transfer or assignment of a participating interest in a Petroleum
Resources Agreement, Exploration Licence or Development
Licence as the case may be, to the Authority and the Authority may submit the same with its recommendation to the
Minister, who shall submit such application and the recommendation of the Authority for the approval of the
Cabinet of Ministers.
(2)
The contractor shall, subject to such terms and conditions as may be imposed by the Cabinet of Ministers, have the right to transfer or assign any or all of his participating interest.
(3)
Upon the receipt of the decision of the Cabinet of
Ministers on an application made under subsection (1), it shall be the duty of the Authority, to communicate such decision to the contractor making the application.
(4)
The transfer or assignment of participating interest in a Petroleum Resources Agreement, Exploration Licence or
Development Licence shall be as prescribed by regulation.