Library / B 843 Federal Republic of Nigeria Official Gazette No. 110

B 843 Federal Republic of Nigeria Official Gazette No. 110

Page 2 of 12

B 845
PETROLEUM INDUSTRY ACT, NO. 6, 2021
MIDSTREAM AND DOWNSTREAM ENVIRONMENTAL
REMEDIATION FUND REGULATIONS, 2023
ARRANGEMENT OF  REGULATIONS
Regulation :
PART I — OBJECTIVES AND APPLICATION
1. Objectives
2. Application
PART II — ESTABLISHMENT OF THE ENVIRONMENTAL REMEDIATION FUND
3. Establishment of the Environmental Remediation Fund
PART III — UTILISATION OF THE FUND
4. Utilisation of the Fund
PART IV — FINANCIAL CONTRIBUTION
5. Amount of the financial contribution
6. Payment of the financial contribution
7. Appointment of independent assessor
PART V —INTERVENTION AND INCIDENT QUALIFICATION
PROCEDURE FOR THE FUND
8. Determination of intervention mechanism
9. Incident qualification procedure
10. Procedure for release of funds
11. Auditing and reporting requirement under the Fund
12. General administrative requirements
13. Authority to issue guidelines
PART VI — MISCELLANEOUS PROVISIONS
14. Interpretation
15. Citation
SCHEDULE