The settlors are companies that have interest in petroleum prospecting licence or petroleum mining lease whose area of operation is located or appurtenant to any community or communities. The incorporation of the Trust is to be done within a particular timeframe stipulated in the PIA.
In this article, we offer insight into the viability of the timeframe by taking into account the possibility of conflict or dispute in the appointment and authorisation of the Trust’s Board of Trustees by the settlors. We suggested a liberal and purposive interpretation of the timeframe provided in the PIA in deserving circumstances.
However, for existing oil prospecting licences, the incorporation of the Trust must be done prior to the application for field development plan. Prior incorporation of the Trust is also required for commencement of commercial operations for licensee of designated facilities granted under the PIA, and the application for field development plan under a petroleum prospecting licence or petroleum mining lease.
France Dernières Nouvelles, France Actualités
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