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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 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
Planning information (dollars)
Type of transfer payment 2017-18 Forecast spending 2018-2019  Planned spending 2019-20  Planned spending 2020-21  Planned
spending
Total grants 0 0 0 0
Total contributions $376,840,279 $392,506,962 $517,839,466 $438,170,300
Total other types of transfer payments 0 0 0 0
Total program $376,840,279 $392,506,962 $517,839,466 $438,170,300

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