The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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26 Accounting principles
(1) Before approving a payment request, the Secretary of State must apply the accounting principles, specified in paragraph (2), unless a UK court order or transfer scheme provides otherwise. (2) The accounting principles are— (a) a payment to meet the cost of an approved decommissioning action must be made against the accounting code that is relevant to that action; (b) where the sum notionally held against a relevant accounting code for a decommissioning action is insufficient to meet the cost of carrying out that action (“a deficit situation”), no payment to meet that cost may be made against a different accounting code unless sub-paragraph (c) applies; (c) where a deficit situation occurs, the Secretary of State may exceptionally allow a payment to be against a different accounting code (“the second accounting code”) within the same offshore decommissioning fund, provided— (i) both accounting codes relate to security for the decommissioning costs relating to the same section 7 licence, (ii) the Secretary of State has consulted with the relevant regulators, (iii) the Secretary of State requires one or more recovery measures to be taken under regulation 20, unless this would be impractical or there is a public interest reason not to require such a measure, and (iv) the Secretary of State is satisfied it is in the public interest for the payment against the second accounting code to be permitted; (d) where the sum notionally held against a relevant accounting code for a decommissioning action exceeds the cost of carrying out that action and the Secretary of State is satisfied that all decommissioning actions in respect of that accounting code are complete— (i) that sum must remain in the offshore decommissioning fund until the fund is closed in accordance with regulation 29 or regulation 30, (ii) the section 7 licensee may make a proposal as to which accounting code the sum should be notionally allocated to pending closure of the offshore decommissioning fund, and (iii) the Secretary of State may— (aa) approve the proposal made under paragraph (ii), or (bb) require the sum to be notionally held against a different accounting code, provided the Secretary of State gives reasons.
26 Accounting principles
(1) Before approving a payment request, the Secretary of State must apply the accounting principles, specified in paragraph (2), unless a UK court order or transfer scheme provides otherwise. (2) The accounting principles are— (a) a payment to meet the cost of an approved decommissioning action must be made against the accounting code that is relevant to that action; (b) where the sum notionally held against a relevant accounting code for a decommissioning action is insufficient to meet the cost of carrying out that action (“a deficit situation”), no payment to meet that cost may be made against a different accounting code unless sub-paragraph (c) applies; (c) where a deficit situation occurs, the Secretary of State may exceptionally allow a payment to be against a different accounting code (“the second accounting code”) within the same offshore decommissioning fund, provided— (i) both accounting codes relate to security for the decommissioning costs relating to the same section 7 licence, (ii) the Secretary of State has consulted with the relevant regulators, (iii) the Secretary of State requires one or more recovery measures to be taken under regulation 20, unless this would be impractical or there is a public interest reason not to require such a measure, and (iv) the Secretary of State is satisfied it is in the public interest for the payment against the second accounting code to be permitted; (d) where the sum notionally held against a relevant accounting code for a decommissioning action exceeds the cost of carrying out that action and the Secretary of State is satisfied that all decommissioning actions in respect of that accounting code are complete— (i) that sum must remain in the offshore decommissioning fund until the fund is closed in accordance with regulation 29 or regulation 30, (ii) the section 7 licensee may make a proposal as to which accounting code the sum should be notionally allocated to pending closure of the offshore decommissioning fund, and (iii) the Secretary of State may— (aa) approve the proposal made under paragraph (ii), or (bb) require the sum to be notionally held against a different accounting code, provided the Secretary of State gives reasons.
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