Halifax, NS-A long-standing offshore energy dispute between the Canadian Federal Government and Nova Scotia appears to be on its way toward resolution.
The dispute has been ongoing for the last 22 years on the issue of revenue from offshore sources, and it appears to be over after a deal was reached between the province of Nova Scotia and the Federal government.
The Conservative government appears to have accepted the recommendation that was offered by a panel of experts dealing with the energy issue.
The premier of Nova Scotia and the Minister of Defence, Peter MacKay joined together to make the announcement jointly in Halifax.
“It is a very historic day for the people of Nova Scotia,” said the duo, and the announcement will serve to restore the payments that the province has sought for over 2 decades.
The estimated value of future offshore energy is thought to be around $633 million dollars, and any future payment will be worked upon jointly to make sure that it is fair to both parties.
The payments surround an issue that is commonly known as the “Crown Share Adjustment,” and reflects the right of the Crown to take a portion or an ownership interest in privately owned oil and gas offshore projects.
Comments are closed.