Applications

(1) Any individual or corporation intending to carry out activities relating to petroleum operations shall apply to the Minister in writing and every application shall include inter alia, the following information– (a) the name, address and nationality of the applicant; (b) where the applicant is a corporation– (i) the applicant’s place of registration or incorporation, its principal place of business, its board of directors and senior management, the domicile and nationality of the members of the board of directors and its capital structure, (ii) the form of organization of the applicant, including concerning the bidder’s relationship with its parent company, if any, and other affiliated companies, and (iii) the financial structure of the applicant and its parent company, if any, including audited balance sheets and profit and loss statements for the past three years, and any reports which the applicant or its parent company may have filled with government agencies responsible for securities regulation during that period; 10 Petroleum (c) the manner in which exploration and development activities would be financed if the application is successful and how performance would be guaranteed; and (d) the applicant’s previous experience in petroleum production, refining and marketing. (2) Where, an application is submitted by a group of two or more persons, the information referred to in subregulation (1) above shall be submitted for each person and the group shall designate one person as the negotiator. (3) Where, following the submission of the information referred to in subregulation (1) above, but prior to the selection of the successful applicant, there has been any change in the information so submitted, the applicant shall forthwith inform the Minister, specifying all particulars of the change.