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|
|Type of transfer payment||Contribution|
|Type of appropriation||Statutory authority|
|Fiscal year for terms and conditions||Not applicable|
|Link to department’s Program Inventory||Statutory Offshore Payments|
|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|
|Type of transfer payment||2017-18 Forecast spending||2018-2019 Planned spending||2019-20 Planned spending||2020-21 Planned
|Total other types of transfer payments||0||0||0||0|
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