The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
29 Closure of offshore decommissioning fund
(1) This regulation applies where— (a) decommissioning actions in respect of covered offshore infrastructure have been completed, including the payment of a financial contribution for each covered storage site, and (b) the licences under section 7 of the 2023 Act and under section 18 of the 2008 Act have been terminated in respect of all covered offshore infrastructure. (2) A relevant person must give written notice to the Secretary of State and the fund holder within 30 days of completion of the final matter under paragraph (1)— (a) confirming that the matters in paragraph (1) are completed, and (b) attaching relevant evidence to support this confirmation. (3) The Secretary of State must serve a notice on a person who provides a notification under paragraph (2), with a copy to the fund holder, stating whether— (a) the Secretary of State is satisfied that all matters mentioned in paragraph (1) have been completed and that the offshore decommissioning fund should be closed, or (b) the Secretary of State is not satisfied that all matters mentioned in paragraph (1) have been completed, the reasons why the Secretary of State is not satisfied and the further matters that will need to be undertaken by a relevant person. (4) Where the Secretary of State has served a notice confirming the matters under paragraph (3)(a), the fund holder must— (a) close the offshore decommissioning fund, as soon as reasonably practicable, in accordance with any steps required by the constitutional document establishing the fund, or required by law, and (b) serve on the Secretary of State a final request for approval of payment of post operations fund administration costs. (5) Following the final decision of the Secretary of State on the approval request served under paragraph (4)(b), the fund holder— (a) may receive payment of the sum approved from the offshore decommissioning fund, and (b) must pay any balance left in the offshore decommissioning fund to the Secretary of State.
29 Closure of offshore decommissioning fund
(1) This regulation applies where— (a) decommissioning actions in respect of covered offshore infrastructure have been completed, including the payment of a financial contribution for each covered storage site, and (b) the licences under section 7 of the 2023 Act and under section 18 of the 2008 Act have been terminated in respect of all covered offshore infrastructure. (2) A relevant person must give written notice to the Secretary of State and the fund holder within 30 days of completion of the final matter under paragraph (1)— (a) confirming that the matters in paragraph (1) are completed, and (b) attaching relevant evidence to support this confirmation. (3) The Secretary of State must serve a notice on a person who provides a notification under paragraph (2), with a copy to the fund holder, stating whether— (a) the Secretary of State is satisfied that all matters mentioned in paragraph (1) have been completed and that the offshore decommissioning fund should be closed, or (b) the Secretary of State is not satisfied that all matters mentioned in paragraph (1) have been completed, the reasons why the Secretary of State is not satisfied and the further matters that will need to be undertaken by a relevant person. (4) Where the Secretary of State has served a notice confirming the matters under paragraph (3)(a), the fund holder must— (a) close the offshore decommissioning fund, as soon as reasonably practicable, in accordance with any steps required by the constitutional document establishing the fund, or required by law, and (b) serve on the Secretary of State a final request for approval of payment of post operations fund administration costs. (5) Following the final decision of the Secretary of State on the approval request served under paragraph (4)(b), the fund holder— (a) may receive payment of the sum approved from the offshore decommissioning fund, and (b) must pay any balance left in the offshore decommissioning fund to the Secretary of State.
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