Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Definition of Petroleum and Natural Gas Act

• 97 (1) In this Division, the Petroleum and Natural Gas Act means Part II of The Petroleum and Natural Gas Act, Chapter 294 of the Revised Statutes of Newfoundland, 1970, as amended from time to time.

• Marginal note:Royalties

  (2) There is hereby reserved to Her Majesty in right of Canada and each holder of a share in a production licence is liable for and shall pay to Her Majesty in right of Canada, in accordance with subsection (4), the royalties, interest and penalties that would be payable in respect of petroleum under the Petroleum and Natural Gas Act if the petroleum were produced from areas within the Province.

• Marginal note:Exception

  (3) Notwithstanding subsection (2), where petroleum is subject to a royalty under the Petroleum and Natural Gas Act, that petroleum is not subject to a royalty under subsection (2).

• Marginal note:Application of Newfoundland legislation

  (4) Subject to this Act and the regulations, the Petroleum and Natural Gas Act and any regulations made thereunder apply, with such modifications as the circumstances require, for the purposes of this section and, without limiting the generality of the foregoing,

  • (a) a reference in that Act to Her Majesty in right of the Province shall be deemed to be a reference to Her Majesty in right of Canada; and

  • (b) a reference in that Act to the Province of Newfoundland or the province shall be deemed to be a reference to the offshore area.

• Marginal note:No Crown share

  (5) No provision of the Petroleum and Natural Gas Act or any regulation made thereunder shall apply so as to reserve to Her Majesty a Crown share in any interest issued in respect of any portion of the offshore area.