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

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.

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.

NRCan completed an internal audit of offshore revenues and transfers in fiscal year 2014-15. The audit concluded that the Department has an effective management control framework to support the exercise of its administrative requirements and obligations in relation to the Account, and transfers are made to the province of Newfoundland and Labrador on an accurate and timely basis.

Decision following the results of last evaluation