Canada-Newfoundland And Labrador Atlantic Accord
The Canada-Newfoundland and Labrador Atlantic Accord is an agreement signed in 1985 between the Government of Canada and the Government of Newfoundland and Labrador to manage offshore oil and gas resources adjacent to Newfoundland and Labrador. Background In 1979, oil was first discovered off the coast of Newfoundland and Labrador. The Pierre Trudeau government proposed that "Newfoundland should enjoy the major share of the revenue that offshore resources are expected to generate" in 1983. Implementation The agreement established the Canada-Newfoundland and Labrador Offshore Petroleum Board, originally known as the Canada-Newfoundland Offshore Petroleum (C-NLOPB, formerly known as C-NOPB). The board became responsible for: * developing resources (such as placing calls for bids) * issuing exploration * licensing significant discovery and production * assessing royalties, interests and penalties * administrating and enforcing agreements * regulating operations * sharing re ...
[...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]