Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act

Marginal note:Notice to comply

• 126 (1) If the Regulator has reason to believe that an interest owner or holder is failing or has failed to meet any requirement of this Part or Part III or III.1 or any regulation made under any of those Parts, the Regulator may give notice to that interest owner or holder requiring compliance with the requirement within 90 days after the day on which the notice is given or within any longer period that the Regulator considers appropriate.

• Marginal note:Default — petroleum

  (2) Despite anything in this Part but subject to sections 32 to 37 and subsection 126(3), if the interest owner or holder of a petroleum-related interest fails to comply with a notice under subsection (1) within the period specified in the notice and the Regulator considers that the failure to comply warrants cancellation of the interest of the interest owner or holder or of any share in the interest held by the holder with respect to a portion only of the offshore area subject to the interest, the Regulator may, by order subject to section 127, cancel that interest or share, in which case the portions of the offshore area under that interest or share become Crown reserve areas.

• Marginal note:Non-application of section 127

  (3) The Regulator’s order to cancel an exploration licence, significant discovery licence or production licence under subsection (2) is not subject to section 127 if the notice under subsection (1) relates to a failure to meet any of the terms and conditions contained in that licence.

• Marginal note:Default — offshore renewable energy

  (4) Despite anything in this Part but subject to sections 38.1 to 38.3, if the interest owner or holder of a submerged land licence fails to comply with a notice under subsection (1) within the period specified in the notice and the Regulator considers that the failure to comply warrants cancellation of the licence of the interest owner or holder or any share in the licence held by the holder, the Regulator may, by order, cancel that licence or share, in which case the portions of the offshore area under that licence or share become Crown reserve areas.