Library / Midstream and Downstream Environmental Remediation Fund Regulations Draft Date: 10/06/2022 Establishment of the Fund 1. (1) These Regulations are made for the administration of the Environmental

Midstream and Downstream Environmental Remediation Fund Regulations Draft Date: 10/06/2022 Establishment of the Fund 1. (1) These Regulations are made for the administration of the Environmental

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Payment of the financial contribution 
 
4. (1) The initial financial contribution shall be paid by the prospective licencee 
prior to the granting of the licence and shall apply to the first year in which a 
licence is granted. The initial financial contribution shall consist solely of the Fixed 
Contribution provided for in Regulation 3(4) multiplied by 365.   
 
(2) The annual financial contribution for any succeeding year shall be paid by the 
licencee prior to each anniversary of the effective date of the licence. Such 
annual financial contribution shall consist of the Fixed Contribution plus the capital 
and production related components of the contribution related to the estimated 
capital expenditures and average capacity for the year prior to the succeeding 
year pursuant to Regulation 3(4) multiplied by 365. 
 
(3) The applicable financial contribution shall be paid prior to the termination of 
a licence, where the period of a licence terminates prior to an anniversary of the 
effective date of such a licence. 
 
(4) Subject to the provisions of Regulation 5(1), the financial contribution paid by 
a prospective licencee under these Regulations shall not be refunded, credited, 
or otherwise offset against any liability due from a licencee, unless an over-
payment is made due to an error in which case a refund shall be made to the 
extent of such over-payment. 
 
 
Reporting 
 
5. The prospective licencee shall submit the calculation of the annual financial 
contribution in the form prescribed by the Authority not later than thirty days (30) 
days after the payment due date and where actual capital expenditures or 
actual production or both are different from the estimated expenditures or 
production or both the required adjustment shall be made. 
 
 
Determination of Financial Contribution by the Authority 
 
6. (1) The Authority may appoint an independent assessor to conduct the 
assessment and determine the financial contribution where; 
a. The financial contribution does not reflect the size of the operations and the 
level of environmental risk; 
b. the allocation to environmental categories pursuant to Regulation 3(2) is in 
error; 
c. the capital expenditures or production or both are under-estimated; or 
d. for any other reasons.