Amendments to the Canada-Newfoundland and Labrador Offshore Petroleum Cost Recovery Regulations
This regulatory initiative is part of the 2022-2024 Forward Regulatory Plan.
Regulatory amendments to the Canada-Newfoundland and Labrador Offshore Petroleum Cost Recovery Regulations will facilitate alignment with the carbon pricing amendments made to the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act in 2018. These amendments came into force retroactively on January 1, 2019.
The objective of the regulatory changes will be to allow the Canada-Newfoundland and Labrador Offshore Petroleum Board to recover the costs of administering the provincial carbon pricing regime via regulations.
This regulatory initiative is associated with Natural Resources Canada’s Regulatory Stock Review Plan.
Potential impacts on Canadians, including businesses
This regulatory initiative is in the early stages of planning and development. There are no expected impacts.
Regulatory cooperation efforts (domestic and international)
As part of engagement efforts to amend the Canada-Newfoundland and Labrador Offshore Petroleum Cost Recovery Regulations, NRCan officials will work closely and cooperatively with their Newfoundland and Labrador counterparts in order to implement these changes in provincial mirror-regulation.
This regulatory initiative is at an early stage of planning and development. No consultations with stakeholders have taken place. Early engagement, including Canada Gazette, Part I pre-publication, is currently anticipated to begin in 2022-2023.
Policy Analyst, Offshore Petroleum Management Division
Petroleum Resources Branch
Date First included in Forward Regulatory Plan
December 29, 2020 - Canada-Newfoundland and Labrador Offshore Petroleum Cost Recovery Regulations
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