The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
27 Secretary of State approval of payment
(1) The Secretary of State must reach a final decision on whether to approve a payment request and may not give such approval unless satisfied that— (a) the payment is intended to be used to meet the decommissioning costs as set out in a request, (b) the decommissioning action will be carried out within a reasonable period of time, (c) the costs of the decommissioning action are— (i) less than, or sufficiently proximate to, the corresponding estimated costs in the last approved fund estimate, or (ii) if the costs are greater than set out in paragraph (i), reasonable and represent value for money, and that there is a reasonable explanation for the difference in costs, and (d) a safeguard measure is in place if paragraph (2) or (3) applies. (2) Where the Secretary of State believes the person asking to receive the payment may be in financial difficulty, or otherwise at risk of insolvency or other creditor actions, the Secretary of State may not provide approval under paragraph (1), unless— (a) a condition requiring one or more appropriate safeguard measures has been attached to the approval, and (b) the appropriate safeguard measure has been arranged to be carried out. (3) In a case other than that mentioned in paragraph (2), the Secretary of State may attach conditions relating to safeguard measures, when approving a payment. (4) For the purposes of paragraphs (2) and (3) examples of an appropriate safeguard measure include— (a) staged payments, which may include a process for evidencing the completion of stages of an approved decommissioning action before the next stage of payment and action proceeds, (b) delaying release of payment until after a decommissioning action has been completed, (c) use of escrow arrangements, (d) use of a separate account subject to a charge in favour of the fund holder or Secretary of State, or (e) authorising the fund holder or fund administrator to make a payment directly to a contractor who has entered into a contract to carry out decommissioning actions, in accordance with such conditions as the Secretary of State may attach to the approval (which must include conditions as to oversight and completion of decommissioning actions if these are not yet carried out).
27 Secretary of State approval of payment
(1) The Secretary of State must reach a final decision on whether to approve a payment request and may not give such approval unless satisfied that— (a) the payment is intended to be used to meet the decommissioning costs as set out in a request, (b) the decommissioning action will be carried out within a reasonable period of time, (c) the costs of the decommissioning action are— (i) less than, or sufficiently proximate to, the corresponding estimated costs in the last approved fund estimate, or (ii) if the costs are greater than set out in paragraph (i), reasonable and represent value for money, and that there is a reasonable explanation for the difference in costs, and (d) a safeguard measure is in place if paragraph (2) or (3) applies. (2) Where the Secretary of State believes the person asking to receive the payment may be in financial difficulty, or otherwise at risk of insolvency or other creditor actions, the Secretary of State may not provide approval under paragraph (1), unless— (a) a condition requiring one or more appropriate safeguard measures has been attached to the approval, and (b) the appropriate safeguard measure has been arranged to be carried out. (3) In a case other than that mentioned in paragraph (2), the Secretary of State may attach conditions relating to safeguard measures, when approving a payment. (4) For the purposes of paragraphs (2) and (3) examples of an appropriate safeguard measure include— (a) staged payments, which may include a process for evidencing the completion of stages of an approved decommissioning action before the next stage of payment and action proceeds, (b) delaying release of payment until after a decommissioning action has been completed, (c) use of escrow arrangements, (d) use of a separate account subject to a charge in favour of the fund holder or Secretary of State, or (e) authorising the fund holder or fund administrator to make a payment directly to a contractor who has entered into a contract to carry out decommissioning actions, in accordance with such conditions as the Secretary of State may attach to the approval (which must include conditions as to oversight and completion of decommissioning actions if these are not yet carried out).
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