Cap. 156 Art. 5CTransfer of a licence or assignment of rights arising from a licence.

(1) No holder of a licence may transfer a licence or assign rights arising from a licence to another entity, except upon written consent of the Minister, which may be granted if:

(a) it does not compromise national security;

(b) the Minister is satisfied that the entity to whom the licence would be transferred or the rights arising from a licence would be assigned has sufficient technical knowledge, experience and financial resources to secure the proper exercise of the activities of prospecting for, exploring for and producing petroleum;

(c) the entity to which the licence would be transferred or the entity to which the rights arising from a licence would be assigned undertakes to comply with such other conditions and requirements as the Minister may deem proper to impose.

(2) Any holder of a licence who transfers a licence or assigns the rights arising from a licence without the written consent of the Minister shall be guilty of an offence and shall be liable, on conviction to a fine (multa) of not less than ten thousand euro (€10,000) and not exceeding two million euro (€2,000,000) or imprisonment which shall not exceed a term of five years, or to both such fine and imprisonment.