Without prejudice to the provisions of Section 8 of the petroleum code, where several co-holders enter into a petroleum contract, the withdrawal of one or more of such co-holders shall not result in the cancellation or lapse of the authorizations deriving from the contract, or in the termination or lapse of the contract. Where the other co-holder(s) take(s) over all the commitments under the contract, Such withdrawal shall take effect from the date of approval by the Minister in charge of hydrocarbons.
The holder or an exploration authorization may relinquish all or part of its rights over the surface areas covered by its authorization, provided that a two month notice is given to the Minister in charge of hydrocarbons.
Relinquishment shall take effect from the date of its approval by the Minister in charge of hydrocarbons. This shall lead to the cancellation of the authorization over the area covered by such relinquishment.
Except otherwise provided for in the petroleum contract, partial relinquishment shall not reduce the holder’s contractual obligations.
Total relinquishment shall result in the lapse of the petroleum contract. Such relinquishment shall be accepted only where the holder has fulfilled all the obligations laid down in the petroleum contract and the regulations in force, particularly with regard to environmental protection and the abandonment of
deposits and wells, and where he has paid the compensation due the State provided for in Section 34 of the petroleum code.
Holders of exploitation authorizations may relinquish, in whole or in part, their rights over the surface areas covered by their authorization, provided that a one-year notice is given to the Minister in charge of hydrocarbons and the holder has fulfilled the obligations laid down in the petroleum contract and
the regulations in force, especially with regard to environmental protection and the abandonment of deposits and wells.