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Energy Bill [HL]

12: After Clause 78, After section 3 of the Petroleum Act 1998 insert— ““3A Report on compensation for petroleum spills (1) The Secretary of State must publish a report every five years about the arrangements in place in the United Kingdom for petroleum companies to compensate for any damage caused, or loss suffered, as a result of petroleum being accidentally released during the operation of licences under this Act. (2) The report must, in particular, include— (a) the amount of insurance coverage that industry members have agreed should be available in the circumstances outlined in subsection (1); (b) the Secretary of State’s opinion about whether the amounts are adequate to compensate for any damage caused in the circumstances outlined in subsection (1); (c) the factors that the Secretary of State took into account in reaching the Secretary of State’s opinion under paragraph (b); and (d) the actions that the Secretary of State intends to take, in the event that the Secretary of State considers the amounts to be inadequate.””