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 |
| Fiscal year for terms and conditions | Not Applicable |
| 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 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. |
| Results achieved | Not Applicable |
| 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 Revenue Fund. |
| Audits completed or planned | The 2016-17 OAG Audit of Public Accounts included NRCan’s Offshore Revenues and Transfers. |
| Evaluations completed or planned | Not Applicable |
| Engagement of applicants and recipients | Not Applicable |
Performance Information (dollars)
| Type of transfer payment | 2014-15 Actual spending | 2015–16 Actual spending | 2016–17 Planned spending | 2016–17 Total authorities available for use |
2016–17 Actual spending (authorities used) |
Variance (2016–17 actual minus 2016–17 planned) |
|---|---|---|---|---|---|---|
| Total grants | 0 | 0 | 0 | 0 | ||
| Total contributions | 751,940,157 | 301,220,044 | 713,252,922 | 455,431,601 | 455,431,601 | (257,821,321) |
| Total other types of transfer payments | 0 | 0 | 0 | 0 | 0 | 0 |
| Total program | 751,940,157 | 301,220,044 | 713,252,922 | 455,431,601 | 455,431,601 | (257,821,321) |
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