- News Release 2008-053 -

Archived - Agreement between The Government of Canada and The Government of Nova Scotia to adopt Crown Share Adjustment Panel Report

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The Government of Canada and the Government of Nova Scotia, having jointly formed the Canada - Nova Scotia Panel on Crown Share Adjustment Payments (hereinafter called "the Panel") to determine the range of value of the Crown Share Adjustment Payments (CSAP) to be paid to Nova Scotia under the terms of the Canada - Nova Scotia Offshore Petroleum Resources Accord (1986) and the Canada - Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c.28 received the report on July 4, 2008.

In resolving this outstanding statutory obligation of the Government of Canada, Canada and the Government of Nova Scotia hereby agree to accept the Chair's recommendations of the Panel including the guidance on the range of value of the Crown Share Adjustment Payments (CSAP) to be paid to Nova Scotia.

Paragraph 23 of the Panel's report confirms that "Nova Scotia is legally entitled to receive Crown Share Adjustment payments" under the 1988 legislation such that:

    the recommended value of Crown Share Payments owed to Nova Scotia for current projects is $867.9 million subject to adjustments for actual data in the year payments apply. Future offshore projects will be assessed using the same methodology outlined in the Panel report.

The government of Nova Scotia accepts the amount of $234,400,000 representing the amount owed the Province in Crown Share payments to March 31, 2008.

The Government of Canada and the Government of Nova Scotia agree to work together to take the steps necessary to implement the Chair's recommendations to provide for future annual Crown Share Adjustment Payments within 90 days of this report as per the agreement between the Prime Minister of Canada and the Premier of Nova Scotia on October 10, 2007.

Signed in Halifax on July 13th, 2008

For the Government of Canada ___________________________
The Honourable Peter MacKay
Minister of National Defence and
Minister of the Atlantic Canada
Opportunities Agency

 

For the Government of Nova Scotia _____________________________
The Honourable Rodney MacDonald
Premier of Nova Scotia

- News Release 2008-053 -