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

Marginal note:Authority to issue petroleum-related interests

• 60 (1) The Regulator may issue petroleum-related interests in respect of any portion of the offshore area in accordance with this Part and the regulations.

• Marginal note:Fundamental decision

  (2) The issuance of a petroleum-related interest by the Regulator is subject to sections 32 to 37 unless the interest is issued under subsection 76(1) or paragraph 84(1)(a).

• Marginal note:Application of interest may be limited

  (3) Subject to subsection (4), the application of any petroleum-related interest may be restricted to geological formations and to substances specified in the interest.

• Marginal note:Exception

  (4) Subsection (3) does not apply to any petroleum-related interest

  • (a) that is in force or in respect of which negotiations were completed before or on the coming into force of this section in relation to any portion of the offshore area; or

  • (b) that immediately succeeds an interest referred to in paragraph (a) in relation to that portion of the offshore area if that portion was not a Crown reserve area on the expiration of the interest referred to in paragraph (a).