Moved by
Lord Whitty
115D: Clause 34, page 39, line 18, at end insert—
“( ) The regulations must require contributions to the contingency fund or funds from relevant energy undertakings which are sufficient to meet—
(a) any loss caused directly or indirectly by the operation of the oil and gas activity;
(b) the costs of—
(i) remediation;
(ii) enforcement action against the relevant energy undertaking;
(iii) other measures taken by a public authority in respect of, or in consequence of the loss, or the activity which gave rise to the loss.
( ) The regulations must ensure that the contingency fund is protected in the event of the insolvency of a relevant energy undertaking which has made payments to the fund.”