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

Marginal note:Authority to issue interests

• 60 (1) The Board may issue 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 an interest by the Board is subject to sections 32 to 37 unless the interest is issued pursuant to 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 interest may be restricted to such geological formations and to such substances as may be specified in the interest.

• Marginal note:Non-retrospective effect of subsection (3)

  (4) Subsection (3) does not apply to any 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 where that portion was not a Crown reserve area on the expiration of the interest referred to in paragraph (a).