Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (S.C. 1988, c. 28)

Act current to 2016-01-25 and last amended on 2015-06-19. Previous Versions

Drilling Assistance

Marginal note:Assistance to Nova Scotia Resources (Ventures) Limited
  •  (1) Subject to subsection (2), the Federal Minister may, on application, make payments to Nova Scotia Resources (Ventures) Limited in respect of Canadian exploration expenses and Canadian development expenses incurred by Nova Scotia Resources (Ventures) Limited that could contribute to early development of petroleum in the offshore area.

  • Marginal note:Limitation

    (2) Payments made by the Federal Minister pursuant to subsection (1) shall not exceed fifty per cent of the aggregate of the Canadian exploration expenses and Canadian development expenses incurred in respect of wells

    • (a) subject to paragraph (b), the drilling of which began during the period commencing on August 27, 1986 and ending on December 31, 1991, or

    • (b) in the case of expenses referred to in subparagraph (b)(ii) of the definition Canadian exploration expense in section 239, during the period referred to in paragraph (a),

    to the extent that those expenses are reasonable in the circumstances.

Marginal note:Transitional assistance

 The Federal Minister may, on application, make payments to Nova Scotia Resources (Ventures) Limited equal, in the aggregate, to the amount of interest incurred by Nova Scotia Resources (Ventures) Limited on money borrowed in order to finance activities in relation to the exploration or development of oil or gas in the offshore area to the extent that

  • (a) the cost of the interest is reasonable in the circumstances;

  • (b) the interest was incurred during the period commencing on August 27, 1986 and ending on the date on which this Part comes into force; and

  • (c) the interest is in respect of borrowed money that, in the aggregate, is equal to or less than the aggregate of all amounts payable by the Federal Minister pursuant to section 240 in respect of expenses incurred during the period referred to in paragraph (b).

Appropriation

Marginal note:Appropriation

 There may be paid out of the Consolidated Revenue Fund, for the purpose of making payments pursuant to sections 240 and 241, amounts not exceeding, in the aggregate, the sum of twenty-five million dollars.

Administration

Marginal note:Documents, records and books

 Nova Scotia Resources (Ventures) Limited shall keep documents, records and books of account at a place of business or other prescribed place in Canada in such form and containing such information as will enable the Federal Minister to determine the amount of any payment that should be made pursuant to section 240 or 241.

Marginal note:Audit or examination

 Nova Scotia Resources (Ventures) Limited shall, for the purpose of audit or examination,

  • (a) make the documents, records and books of account kept pursuant to section 243 available at all reasonable times to any person authorized by the Federal Minister for the purpose; and

  • (b) give all reasonable assistance to a person authorized by the Federal Minister to carry out the audit or examination, provide access to all relevant sites, answer, orally or in writing, as required, all questions relating to the audit or examination and provide all information, documentation and copies required for the purpose of the audit or examination.

Regulations

Marginal note:Regulations

 Subject to section 6, the Governor in Council may make regulations for carrying out the purposes and provisions of this Part and, without restricting the generality of the foregoing, may make regulations

  • (a) prescribing the manner of making an application for payment under this Part and the time when it is to be made;

  • (b) where the Federal Minister has made an overpayment under this Part, requiring Nova Scotia Resources (Ventures) Limited to repay such overpayment and interest thereon to the Federal Minister in accordance with the regulations and prescribing the amount of interest to be paid in respect of such an overpayment and the manner in which and time when the amount of any such overpayment and any interest thereon is to be repaid; and

  • (c) permitting, in the calculation of Canadian development expenses or Canadian exploration expenses, any expense to be included that would otherwise be excluded pursuant to paragraph (a) of the definition of that term in section 239.

  • 1988, c. 28, s. 245;
  • 1994, c. 26, s. 17(F).

PART VIIICrown Share Adjustment Payments

Interpretation

Marginal note:Definitions
  •  (1) In this Part,

    average annual cost to the Province of borrowing money

    coût d’emprunt annuel moyen

    average annual cost to the Province of borrowing money means the average annual rate of interest, determined in the manner prescribed, that would be incurred by the Province on borrowed money if the money were borrowed during the period of twelve months immediately preceding the date of the determination of the threshold rate of return; (coût d’emprunt annuel moyen)

    deemed profit

    deemed profit[Repealed, 2009, c. 31, s. 47]

    fiscal incentive

    fiscal incentive[Repealed, 2009, c. 31, s. 47]

    former Act

    former Act[Repealed, 2009, c. 31, s. 47]

    offshore revenue threshold

    offshore revenue threshold[Repealed, 2009, c. 31, s. 47]

    project

    projet

    project means a work or activity resulting in the production of petroleum in the offshore area that is required to be authorized pursuant to paragraph 142(1)(b). (projet)

    threshold rate of return

    threshold rate of return[Repealed, 2009, c. 31, s. 47]

  • (2) [Repealed, 2015, c. 4, s. 105]

  • 1988, c. 28, s. 246;
  • 2009, c. 31, s. 47;
  • 2015, c. 4, s. 105.
 
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