Section 17 in The Petroleum and Natural Gas Rules, 1959
17. Transfer or assignment. - [(1)] The licensee or the lessee shall not assign or transfer his right, title and interest in respect of the license or the lease or [in respect of the land or mineral underlying the ocean within the territorial waters or the continental shelf of India covered by such license or lease granted by the Central Government, without the consent in writing of the Central Government, and in the case of land covered by a license or lease granted by the State Government, without the consent in writing of the Central Government being first obtained through the State Government:] [Substituted by G.S.R. 371, dated 9.3.1966. ]
[Provided that in case where a contract has been signed between the licensee/lessee and the Central Government, the transfer or the assignment, as the case may be, shall be governed by the terms and conditions of the contract, and will be effected in the manner laid down in such contract.(2)Upon receipt of the consent of the Central Government referred to in sub--rule (1) the license or lease, as the case may be, shall be issued in name of the transferee or the assignee, severally or jointly, to the extent of the transfer or the assignment, with effect from the date from which such transfer or assignment is made effective.] [ Inserted by G.S.R. 295(E), dated 1.4.2003.]
