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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

S.N.S 1987, c. 3

O.I.C. 2015-158 (June 2, 2015), N.S. Reg. 230/2015

Citation

1     These regulations may be cited as the Information for Calculating Crown Share Adjustment Payments Regulations.

Interpretation

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.

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