Payments to the Nova Scotia Offshore Revenue Account

Payments to the Nova Scotia Offshore Revenue Account (Statutory)

Start date

1993-94

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 219 of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (the “Accord 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 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.

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 natural gas prices which reduced royalties collected by the Federal government that were transferred through the Nova Scotia Offshore Revenue Account.

Audits completed or planned

N/A

Evaluations completed or planned

N/A

Engagement of applicants and recipients

N/A