Petroleum Authority of Brunei Darussalam Act · 2021 Revised Edition · Part · Transfer of Government Petroleum
42. No breach or default because of transfer of petroleum regulatory undertaking of Government
Official textFrom Attorney General's Chambers, unchanged
The operation of this Part shall not be regarded as -
a breach of contract or confidence or otherwise as a civil wrong;
a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets or liabilities; or
giving rise to any remedy by a party to a legal instrument, or as causing or permitting the termination of any legal instrument.
Petroleum Authority of Brunei Darussalum
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because of a change in the beneficial or legal ownership of any asset or liability.
The operation of this Part shall not be regarded as an event of default or.force majeure under any contract or other legal instrument.
Any provision in any existing contract, agreement, conveyance.
existing
"existing" means - (a) in relation to any property or liability of the Company, existing, outstanding or in force immediately before the appointed day: (b) in relation to any property or liability of the Government, existing, outstanding or in force immediately before the appointed day;
deed, lease, guarantee. bond, indemnity and other instrument or undertaking to which the Government is a party or may be bound prohibiting or having the effect of prohibiting the transfer of any property, assets. interests. rights, privileges. liabilities or obligations comprised in the petroleum regulatory undertaking of the Government transferred under this Part. is deemed to have been waived.
property
"property" means property, assets, and rights of every description (whether present or future. and, actual or contingent) wheresoever situated, including, without limitation. land. buildings, facilities, equipment, documents (incl-uding accounting records), interests, benefits, privileges and powers of every description;
Any provision in any existing contract, agreement. conveyance, deed, lease. guarantee, bond, indemnity and other instrument or undertaking to which the Government is a party or may be bound conferring on the other party or parties thereto any right of first refusal or pre-emption rights in respect of any property, asset, interest, right. privilege, liability or obligation comprised in the petroleum regulatory undertaking of the Government to be transferred by reason of or arising from, or to the effect that a default shall occur or is deemed to occur as a result of, the transfer or intended transfer of the property, asset, interest, right. privilege. liability or obligation under this
petroleum regulatory undertaking of the Government
"petroleum regulatory undertaking of the Government" means - (a) all property and all liabilities of the Government (including all existing property and all existing liabilities and all liabilities arising after the appointed day in respect of the property and liabilities of the Government transferred tothe Authority) acquired under, arising from o r relating to the Government petroleum mining Agreements; and (b) such other property and liabilities of the Government as the Minister may determine, other than the excluded property and the excluded liabilities of the Government; Petroleum Authority 16 o f Brunei Darussalam
Part, is deemed to have been waived.
No attornment to the Authority by a lessee from the Government shall be required.
Authority
"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
No claim for any loss shall be brought against the Authority in relation to any act or thing done for the purposes of this Part.
Evidence of transfer of petroleum regulatory undertaking of
petroleum
"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
Terms defined in s 2
Authority
Defined · s 2"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
existing
Defined · s 2"existing" means - (a) in relation to any property or liability of the Company, existing, outstanding or in force immediately before the appointed day: (b) in relation to any property or liability of the Government, existing, outstanding or in force immediately before the appointed day;
liabilities
Defined · s 2"liabilities" includes debts, duties and obligations of every description wEresoever arising (whetherpresent or TutuEand-actual or contingent);
petroleum
Defined · s 2"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
petroleum regulatory undertaking of the Government
Defined · s 2"petroleum regulatory undertaking of the Government" means - (a) all property and all liabilities of the Government (including all existing property and all existing liabilities and all liabilities arising after the appointed day in respect of the property and liabilities of the Government transferred tothe Authority) acquired under, arising from o r relating to the Government petroleum mining Agreements; and (b) such other property and liabilities of the Government as the Minister may determine, other than the excluded property and the excluded liabilities of the Government; Petroleum Authority 16 o f Brunei Darussalam
property
Defined · s 2"property" means property, assets, and rights of every description (whether present or future. and, actual or contingent) wheresoever situated, including, without limitation. land. buildings, facilities, equipment, documents (incl-uding accounting records), interests, benefits, privileges and powers of every description;
Part