The rights and obligations under petroleum contracts. Exploration authorizations, provisional exploitation authorizations, exploitation authorizations and domestic transportation authorizations shall be assignable in whole or in part, subject to prior approval by the Minister in charge of hydrocarbons and the signing of an amendment thereto when the said rights derive from the petroleum contract, under the terms and conditions laid down in the said contract and the regulations in force.
Where the rights to be assigned were granted by a decree in the specific case of exploration authorizations, exploitation authorizations, transportation authorizations and provisional exploitation authorizations, such rights shall be effectively assigned by a new decree signed by the same authority.
Subject to implementation of the pre-emptive right provided for under Section 22 of the petroleum code, the petroleum contract may, in addition to prior approval by the Minister in charge of hydrocarbons lay down special terms and conditions for assigning rights and obligations under the petroleum contract to an affiliate or among co-holders.
The assignee of rights and obligations must fulfil the conditions provided for in the petroleum Code and its implementing instrument.
A petroleum contract holder shall submit to the Minister in charge of hydrocarbons for prior approval any deed or draft thereof whereby the holder assigns or promises to assign, in whole or in part the rights and obligations resulting from the petroleum contract.
Contracts or agreements on the assignment of rights shall be entered into after the prior opinion of the Minister in charge of finance, subject to the suspensive condition of obtaining the approval of the Minister in charge of hydrocarbons. Any deed executed in breach of the provisions of the code shall be null and void and lead to withdrawal of the authorization and/or forfeiture of the petroleum contract in accordance with the provisions of Section 126 of the petroleum code.
Where a transaction results in a change of control of the holder company, the said company shall apply for prior approval by the Minister in charge of hydrocarbons concerning the assignment of its rights and obligations under the petroleum contract to the beneficiary of the change of contract, in accordance with the terms and conditions specified by the implementing decree of the petroleum code.