Regulation 21 Decommissioning accounts
The Secretary of State may set up set up with a financial institution a decommissioning account in the name of—
the restricted person; or
the Secretary of State on behalf of the restricted person.
A decommissioning account must be an interest bearing account.
Subject to any early termination, during the management period the Secretary of State may pay from a decommissioning account any liability of the restricted person to decommission a restricted petroleum facility where that liability arises under—
Part 4 of the Petroleum Act 1998; or
a decommissioning contract.
The Secretary of State may require a financial institution which holds a decommissioning account to provide statements of payments and receipts to the Secretary of State for such periods as the Secretary of State considers reasonable.
Funds in a decommissioning account are, subject to the terms of any decommissioning contract, funds to which the restricted person is beneficially entitled.
To the extent a restricted person is beneficially entitled to the funds in a decommissioning account, except for payments which may be made under paragraph (3), those funds are frozen funds.