Energy Bill [HL]

34AA: Before Clause 78, insert the following new Clause— ““Accidental petroleum releases: verification of financial costs After section 3 of the Petroleum Act 1998 insert— ““3A Accidental petroleum releases: verification of financial costs (1) At the time of applying for a licence under section 3, the applicant must provide the Secretary of State with information showing that the applicant has sufficient funds to compensate any damage caused, or loss suffered, as a result of petroleum being accidentally released during the operation of that licence. (2) The information provided in subsection (1) must be approved as a true and accurate record of the financial affairs of that person by an independent and qualified auditor and must meet any other standards specified in regulations made by the Secretary of State. (3) The Secretary of State must make regulations, in particular, to provide for the type of financial and supporting information to be provided under subsection (1). (4) Before issuing a licence under section 3, the Secretary of State must be satisfied that— (a) the applicant has provided a complete and accurate record of information required by this Act and any regulations made under this Act; and (b) on reviewing that information, the applicant has sufficient funds to compensate for any damage caused, or loss suffered, as a result of petroleum being accidentally released during the operation of the licence.””””