Library / Midstream and Downstream Environmental Remediation Fund Regulations 2023
Midstream and Downstream Environmental Remediation Fund Regulations 2023

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(4)   The  Account shall be funded by contributions from licensees engaged
in midstream and downstream petroleum operations under the Act in
accordance with the criteria set out in these Regulations and the accrued
interest from the Fund.
(5)  The Account shall be administered by the Authority for the specific
purpose of rehabilitation and management of negative environmental impact
resulting from midstream and downstream petroleum operations.
(6) The administration of the Account shall be in accordance with the
procedure and criteria set out in these Regulations, Guidelines and Rules made
by the Authority and published on its website which shall be consistent with
the financial rules set by the Accountant-General of the Federation for the
administration of such funds.
PART III —UTILISATION OF THE FUND
4.—(1) The Fund shall be utilised to provide funding for the management
of environmental impact, rehabilitation of negative environmental impacts
caused by midstream and downstream petroleum operations, except where
such operations are in accordance with section 8(d) of the Act.
(2)  Where a licensee fails to rehabilitate, manage or is unable to
undertake rehabilitation or management of any negative impact on the
environment, the Authority may on written notice to the licensee apply the
Fund to rehabilitate or manage the negative environmental impact.
(3) Where the Authority determines to apply the Fund, the procurement
of goods, works or services required for the utilisation of the Fund shall be
subject to the laws applicable to public procurement.
PART IV — FINANCIAL CONTRIBUTION
5.—(1)  The financial contribution shall be paid on or before 31st
December of every calendar year for each licence including the year in which
a licence has been granted.
(2) For the purpose of these Regulations, petroleum operations under
each licence, shall fall under one of the following categories of areas where
operations are located —
(a) onshore high-risk area being areas which includes —
(i)  land,
(ii)  mangrove areas,
(iii) wetland and swamp areas,
(iv) a zone of 500 meters along any river or lake, or
(v) such other areas as the Authority may determine as high-risk ;
Declaration
of significant
crude oil or
gas
discovery
Amount of
the financial
contribution