Payments to the Newfoundland Offshore Petroleum Resource Revenue Fund

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

Start date

April 1987

End date

Ongoing

Fiscal year for terms and conditions

N/A

Strategic Outcome

1 – Canada's Natural Resource Sectors are Globally Competitive

Link to department's Program Alignment Architecture

1.4 – Statutory Programs — Atlantic Offshore

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 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.

Results achieved

N/A

Comments on variances

The difference between planned spending and actual spending is mainly due to lower than anticipated production levels and crude oil prices which reduced royalties collected by the Federal government that were transferred through the Newfoundland Offshore Petroleum Resources Fund.

Audits completed or planned

N/A

Evaluations completed or planned

N/A

Engagement of applicants and recipients

N/A