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Legal Updates

Requirements for Changes in Shareholding and Boards in Oil & Gas, Mining, Power and Geothermal Sectors - Regulatory Update

15 August 2017

Ministry of Energy and Mineral Resources ("MEMR") issued Regulation Number 48 of 2017 on Supervision of Operations of Business Activities in the Energy and Mineral Resources Sector ("Reg 48/2017") which came into effect on 3 August 2017. Reg 48/2017 was issued following feedback on Ministry of Energy and Mineral Resources Regulation No. 42/2017 ("Reg 42/2017"). Reg 42/2017 required prior approval from MEMR for most transfers of shares and changes to the board of directors and commissioners in the energy and mineral resources sector.

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Approvals for Changes in Shareholding and Boards in Oil & Gas, Mining, Power and Geothermal Sectors - Regulatory Update

03 August 2017

Ministry of Energy and Mineral Resources ("MEMR") Regulation Number 42 of 2017 on Supervision of Operations of Business Activities in the Energy and Mineral Resources Sector ("Reg 42/2017") came into effect on 17 July 2017. The regulation applies to licensed entities operating in the upstream and downstream oil and gas, mining, power, and geothermal sectors and has aims of improving MEMR oversight over the sector. In respect of the mining sector, Reg 42/2017 replaces and partially revokes MEMR Regulation Number 34 of 2017 in respect of provisions relating to the transfer of shares and the changes to the Board of Directors and Board of Commissioners.

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