Payments to the Nova Scotia Offshore Revenue Account (Statutory)

Name of transfer payment program

Payments to the Nova Scotia Offshore Revenue Account (Statutory)

Start date

1993-94

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

1.4 – Statutory Programs — Atlantic Offshore

Description

The Minister of Natural Resources is responsible under section 219 of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act to make payments to the province of Nova Scotia equivalent to the revenue amounts received by Canada in relation to offshore oil and gas activities in the Canada-Nova Scotia offshore. The federal Nova Scotia Offshore Revenue Account 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 Nova Scotia pursuant to provisions of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act.

The program takes into consideration royalties, corporate income taxes and other revenues related to the Canada-Nova Scotia offshore. Planned spending is subject to change based on factors such as production levels, natural gas prices, currency exchange rates, and operators’ 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

Total grants

0

0

0

0

Total contributions

11,300,806

6,623,774

5,336,136

5,256,839

Total other types of transfer payments

0

0

0

0

Total program

11,300,806

6,623,774

5,336,136

5,256,839