(1)The financial penalty payable under a financial penalty notice in respect of a failure to comply with a petroleum-related requirement (whether payable by one person, or jointly by two or more persons) must not exceed £1 million.
(2)The OGA must—
(a)issue guidance as to the matters to which it will have regard when determining the amount of the financial penalty to be imposed by a financial penalty notice, and
(b)have regard to the guidance when determining the amount of the penalty in any particular case.
(3)The OGA may from time to time review the guidance and, if it considers appropriate, revise it.
(4)Before issuing or revising guidance under this section, the OGA must consult such persons as it considers appropriate.
(5)The OGA must lay any guidance issued under this section, and any revision of it, before each House of Parliament.
(6)The OGA must publish any guidance issued under this section, and any revision of it, in such manner as the OGA considers appropriate.
(7)The Secretary of State may by regulations amend subsection (1) to change the amount specified to an amount not exceeding £5 million.