Payments to the Newfoundland Offshore Petroleum Resource Revenue Fund (Statutory)

Name of transfer payment program

Payments to the Newfoundland Offshore Petroleum Resource Revenue Fund (Statutory)

Start date

April 1987

End date

Ongoing

Type of transfer payment

Contribution

Type of appropriation

Statutory authority

Fiscal year for terms and conditions

Not applicable

Link to department's Program Inventory

1.4 – Statutory Programs — Atlantic Offshore

Description

The Minister of Natural Resources is responsible under section 214 of the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act to make payments to the province of Newfoundland and Labrador equivalent to the revenue amounts received by Canada in relation to offshore oil and gas activities in the Canada-Newfoundland and Labrador offshore. The federal Newfoundland Offshore Petroleum Resource Revenue Fund Regulations prescribe the time and manner for making the transfer payments. The funds are drawn from the Consolidated Revenue Fund.

This transfer payment program does not have any repayable contributions.

Expected results

Payments to the province of Newfoundland and Labrador pursuant to provisions of the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act.

The program takes into consideration royalties, corporate income taxes and other revenues related to the Canada-Newfoundland and Labrador offshore. Planned spending is subject to changes to factors such as production levels, crude oil prices, currency exchange rates and profitability.

Fiscal year of last completed evaluation

Not applicable

Decision following the results of last evaluation

Not applicable

Fiscal year of planned completion of next evaluation

Not applicable

General targeted recipient groups

Other levels of government

Initiatives to engage applicants and recipients

Not applicable

Planning Information (dollars)

Type of transfer payment

2016–17 Forecast spending

2017–18 Planned spending

2018–19 Planned
spending

2019–20  Planned spending

Total grants

0

0

0

0

Total contributions

371,183,000

387,366,755

502,945,774

594,514,467

Total other types of transfer payments

0

0

0

0

Total program

371,183,000 

387,366,755

502,945,774

594,514,467

Back to Supplementary Information Tables