Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Definition of Petroleum and Natural Gas Act

• 97 (1) In this Division, Petroleum and Natural Gas Act means Part II of the Petroleum and Natural Gas Act, R.S.N.L. 1990, c. P-10, 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 and Labrador legislation

  (4) Subject to this Act and the regulations, the Petroleum and Natural Gas Act and the regulations referred to in subsection (4.1) apply, with any modifications that 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 is to be read as a reference to Her Majesty in right of Canada; and

  • (b) a reference in that Act to the province is to be read as a reference to the offshore area.

• Marginal note:Application of Newfoundland and Labrador regulations

  (4.1) The following regulations apply for the purposes of subsection (4):

  • (a) any regulations made under the Petroleum and Natural Gas Act; and

  • (b) any regulations made under an Act that was replaced by the Petroleum and Natural Gas Act, to the extent that those regulations remain in force in accordance with the laws of the Province and are not inconsistent with the Petroleum and Natural Gas Act.

• 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.