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

General information

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
Fiscal year for terms and conditions Not Applicable
Strategic Outcome 1 – Canada's Natural Resource Sectors are Globally Competitive
Link to department's Program Alignment Architecture 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.
Results achieved Not Applicable
Comments on variances The difference between planned spending and actual spending is mainly due to lower than anticipated production levels and crude oil prices which reduced royalties collected by the Federal government that were transferred through the Newfoundland Offshore Petroleum Resources Revenue Fund.
Audits completed or planned The 2016-17 OAG Audit of Public Accounts included NRCan’s Offshore Revenues and Transfers.
Evaluations completed or planned Not Applicable
Engagement of applicants and recipients Not Applicable

Performance Information (dollars)

Type of transfer payment 2014-15 Actual spending 2015–16 Actual spending 2016–17  Planned spending 2016–17 Total
authorities available for use
2016–17 Actual
spending (authorities used)
Variance (2016–17 actual minus 2016–17 planned)
Total grants   0 0 0 0  
Total contributions 751,940,157 301,220,044 713,252,922 455,431,601 455,431,601 (257,821,321)
Total other types of transfer payments 0 0 0 0 0 0
Total program 751,940,157 301,220,044 713,252,922 455,431,601 455,431,601 (257,821,321)