Crown Share Adjustment Payments Regulations (SOR/2012-113)

1 (1) The following definitions apply in these Regulations.

Act

Act means the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act. (Loi)

conversion date

conversion date means the day that is 30 days after the day on which the Board’s fundamental decision to approve the development plan is implemented. (date de conversion)

gross revenues

gross revenues in relation to a project, includes oil, natural gas and NGL production revenues as determined using the prices of those resources at the project boundary, insurance proceeds, asset sale proceeds and revenues derived from the provision of a service for another project in relation to the production of oil, natural gas and NGL in the offshore area. (recettes brutes)

income tax payable

income tax payable means the corporate income tax payable for a year under the Income Tax Act, Chapter 217 of the Revised Statutes of Nova Scotia, 1989, on the Provincial Crown share of the project. (impôt sur le revenu à payer)

NGL

NGL means natural gas liquids — including propane, butane, ethane and condensates — derived from the production of natural gas. (LGN)

project boundary

project boundary means the point at which the product leaves the infrastructure as set out in the development plan for the project. (limite du projet)

Provincial Crown share

Provincial Crown share means 12.5% in the case of natural gas and NGL production and 6.25% in the case of oil production. (part de la Couronne provinciale)

(2) The calculations set out in sections 4 and 6 shall be made in respect of each of the oil, natural gas and NGL components of a project, if the project consists of at least 2 of those components.