This consolidation is unofficial and is for reference only. For the official version of the regulations, consult the original documents on file with the Office of the Registrar of Regulations, or refer to the Royal Gazette Part II. Regulations are amended frequently. Please check the list of Regulations by Act to see if there are any recent amendments to these regulations filed with our office that are not yet included in this consolidation. Although every effort has been made to ensure the accuracy of this electronic version, the Office of the Registrar of Regulations assumes no responsibility for any discrepancies that may have resulted from reformatting. This electronic version is copyright © , Province of Nova Scotia, all rights reserved. It is for your personal use and may not be copied for the purposes of resale in this or any other form.
Information for Calculating Crown Share Adjustment Payments Regulations
made under Section 53A and 146 of the
Canada-Nova Scotia Offshore Petroleum Resources Accord
Implementation (Nova Scotia) Act
O.I.C. 2015-158 (effective June 2, 2015), N.S. Reg. 230/2015
Table of Contents
Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.
Click here to go to the text of the regulations.
Information required to determine crown share adjustment payments
Information required to determine profit realized
Information required in development plan
1 These regulations may be cited as the Information for Calculating Crown Share Adjustment Payments Regulations.
2 In these regulations,
“Act” means the Canada Nova Scotia Offshore Petroleum Resources Accord Implementation (Nova Scotia) Act;
“gross revenues” in relation to a project, includes oil, natural gas and NGL production revenues as determined using 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;
“Minister” means the Minister of Energy;
“NGL” means natural gas liquids—including propane, butane, ethane and condensates—derived from the production of natural gas;
“project boundary” means the point at which the product leaves the infrastructure as set out in the development plan for the project.
Information required to determine crown share adjustment payments
3 An operator and any interest holder of a project must provide information in accordance with Sections 4 and 5 to the Minister to permit the Minister to demonstrate and determine the crown share adjustment payments to be calculated under section 247 of the federal Implementation Act.
Information required to determine profit realized
4 (1) Beginning on the date that the development plan is submitted under subsection 136(2) of the Act, the operator of a project must, over the life of the project, provide all of the following information to the Minister no later than June 30 of each year for the preceding year:
(a) the project operating costs;
(b) the project capital costs categorized in accordance with their tax treatment;
(c) at the request of the Minister, any other information necessary to determine the profit in relation to a project or to verify the accuracy and completeness of the information provided under this Section.
(2) Beginning on the date that the development plan is submitted under subsection 136(2) of the Act, an interest holder must, over the life of a project, provide all of the following information to the Minister no later than June 30 of each year for the preceding year:
(a) the project gross revenues;
(b) any information provided under the Offshore Petroleum Royalty Act for the purpose of calculating the royalties payable under that Act in respect of the project;
(c) at the request of the Minister, any information necessary to determine the profit in relation to the project or to verify the accuracy and completeness of the information provided under this Section.
(3) If information provided under this Section for any year is inaccurate or incomplete, the Minister must, as soon as feasible, request accurate and complete information.
Information required in development plan
5 The following information is prescribed as being required to be included in Part II of a development plan under clause 136(3)(b) of the Act:
(a) for a mean production scenario,
(i) a forecast of the annual project operating and capital costs in constant dollars over the life of the project, categorized in accordance with the treatment of the costs for income tax purposes,
(ii) the pre-development costs in constant dollars,
(iii) a forecast of the volume in cubic metres of the annual production of NGL and crude oil over the life of the project, and
(iv) a forecast of the volume in gigajoules of the annual production of natural gas over the life of the project;
(b) a forecast in constant US dollars per cubic metre of the annual difference over the life of the project between
(i) the crude oil price at the project boundary and the West Texas Intermediate crude oil price at Cushing, and
(ii) the NGL price at the project boundary and the West Texas Intermediate crude oil price at Cushing;
(c) a forecast in constant US dollars per gigajoule of the annual difference over the life of the project between the natural gas price at the project boundary and the natural gas price at Henry Hub;
(d) a forecast in constant dollars of any other annual gross revenues in respect of the project over the life of the project.
Legislative History
Reference Tables
Information for Calculating Crown Share Adjustment Payments Regulations
N.S. Reg. 230/2015
Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation (Nova Scotia) Act
Note: The information in these tables does not form part of the regulations and is compiled by the Office of the Registrar of Regulations for reference only.
Source Law
The current consolidation of the Information for Calculating Crown Share Adjustment Payments Regulations made under the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation (Nova Scotia) Act includes all of the following regulations:
N.S.
RegulationIn force
date*How in force
Royal Gazette
Part II Issue230/2015
Jun 2, 2015
date specified
Jun 12, 2015
The following regulations are not yet in force and are not included in the current consolidation:
N.S.
RegulationIn force
date*How in force
Royal Gazette
Part II Issue
*See subsection 3(6) of the Regulations Act for rules about in force dates of regulations.
ad. = added
am. = amendedfc. = fee change
ra. = reassignedrep. = repealed
rs. = repealed and substitutedProvision affected
How affected
..........................................................
Note that changes to headings are not included in the above table.
Editorial Notes and Corrections:
Note
Effective
date1
The reference to the Minister of Energy in Section 2 should be read as a reference to the Minister of Energy and Mines in accordance with Order in Council 2018-188 under the Public Service Act, R.S.N.S. 1989, c. 376.
Jul 5, 2018
2
The reference to the Minister of Energy in Section 2 should be read as a reference to the Minister of Natural Resources and Renewables in accordance with O.I.C. 2021-210 under the Public Service Act, R.S.N.S. 1989, c. 376.
Aug 31, 2021
Repealed and Superseded:
N.S.
RegulationTitle
In force
dateRepealed
date
Note: Only regulations that are specifically repealed and replaced appear in this table. It may not reflect the entire history of regulations on this subject matter.