Part 3: Decommissioning of Energy Installations Summary and Background
355.This Chapter inserts new provisions into Part 5 of the Petroleum Act 1998 (c. 17) (the “1998 Act”) for the purpose of securing the proper abandonment of wells. In particular, there is a power to require the provision of financial information and to issue a notice, after consulting the Treasury, requiring the person who receives it to take action within a stated period. This power may be used to ensure that where the Secretary of State is not satisfied that a person will be capable of plugging and abandoning a well there is, nevertheless, financial security in place for this purpose.