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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The remuneration of the assessor and other costs associated with such assessment 
shall be borne by the Authority. 
 
(2) The Authority shall notify the prospective licencee within thirty [30] days after 
receiving the application for a licence, that the financial contribution requires an 
adjustment and that an assessment has been initiated. 
 
(3) Where the Authority does not notify the prospective licencee within the 
timeline prescribed under Regulation 6 (2), the financial contributions shall be 
deemed approved and shall be calculated under Regulation 3. 
 
(4) An independent assessor to be appointed by the Authority under Regulation 
6 (1) shall be competent and have expertise and experience in environmental 
matters, natural resource planning and management, management of 
petroleum operations, and environmental rehabilitation practices. 
 
(5) Upon the completion of the assessment the Authority shall notify the 
prospective licencee in writing about the adjusted financial contribution, within 
sixty [60] days from the date of the notice issued to a prospective licencee under 
Regulation 6(2). 
 
Annual Reports and Disclosures 
 
7. (1) The Authority shall keep proper accounts and records in relation to the Fund 
and shall prepare and publish in respect of each financial year a Statement of 
the Fund’s Accounts. 
 
(2) The annual statement required under Regulation 7(1) shall be published not 
later than one hundred and eighty [180] days after the end of the financial year. 
 
(3) The Authority shall publish the annual statement required under Regulation 7 
(1) in the public domain and keep it available to the public on the website of the 
Authority. 
 
 
Audit of Financial Contribution of fund 
 
8.  The financial contribution to the Fund shall be subject to audit by the 
prospective licencee, in accordance with guidelines that the Authority may issue. 
 
Interpretation 
 
9. (1)  In addition to the interpretations contained in the Petroleum Industry Act, 
2021 the following interpretation shall apply to this Midstream and Downstream 
Environmental Remediation Fund Regulations.