Regulation 23 Hydrocarbons contracts directed as managed contracts
The Secretary of State may by notice given to each relevant party to a hydrocarbons contract, direct that the hydrocarbons contract is to be a managed contract.
A direction given under paragraph (1)—
may apply to more than one hydrocarbons contract; and
must—
identify each hydrocarbons contract to which the direction relates;
give the date on and from which the Secretary of State intends each contract to be a managed contract (“the commencement date”), which date must be no earlier than seven days after the date of the direction; and
state the rights period.
The rights period must commence on the commencement date and end by no later than the end of the management period.
A hydrocarbons contract may be identified under paragraph (2)(b)(i) by reference to a class or description of contract set out in the direction.
The Secretary of State may before the commencement date give a notice withdrawing a direction given under paragraph (1).
A notice under paragraph (4) must be given to each relevant party to whom the direction was given.
Subject to a direction given under regulation 24, where a direction under paragraph (1) is not withdrawn, a hydrocarbons contract is a managed contract during the rights period.
In this regulation, a “relevant party” means a person, other than the restricted person, whom the Secretary of State believes may be a party to the hydrocarbons contract.