Section 114: Conditions in Licences or Permits.

1 Conditions in a licence or permit issued under this Act may require the holder of a licence or permit to—
a comply with any directions of the Authority in relation to matters specified in the licence or permit;
b undertake or refrain from anything specified in the licence or permit;
c secure the approval of the Authority prior to undertaking anything specified in the licence or permit;
d comply with relevant industry codes, standards and market rules;
e undertake its activities subject to the prescribed tariffs or tariff methodology;
f provide relevant information to the Authority;
g prepare and submit to the Authority true, fair and sufficient annual statements in such form, and particulars as the Authority may require;
h make available to the Authority such books as may be requested by authorised officers of the Authority;
i impose restrictions on the disposal of assets;
j adhere to undertakings made within a business plan submitted as part of the application process;
k prepare and submit to the Authority such information and periodical reports as the Authority may require;
l publish terms of access to its transportation or distribution pipeline or petroleum liquids or gas transportation networks as the case may be; and
m operate its licence or permit and related facilities, if any, according to the standard of a reasonable and prudent operator.

2 The duration of a licence or permit shall be specified by regulations made under this Act and the conditions applicable to the licence or permit may cease to have effect or be modified in accordance with terms specified in the licence or permit.

3 A licence or permit of the same class granted by the Authority, shall contain similar conditions representing standard conditions for that class and any difference in the conditions in the licence or permit shall only be for good reasons, which shall be published in the Federal Government Gazette.

4 Subject to this Act, the Authority shall have power to include special conditions specific to a particular licence or permit or to a holder of the licence or permit, provided that the special conditions are designed to meet specific circumstances and shall not be a disadvantage to another holder of a licence or permit.

5 The Authority may specify in a licence or permit a date on which activities shall commence.

6 The Authority may provide that an activity be exclusive for all or part of the period of the licence or permit for a—
a specific purpose;
b specified geographical area and route; or
c combination of paragraphs (a) and (b).