Most controversially, it suggests that half of the provinces' revenue from non-renewable resources be included in the revenue-sharing program. This would help increase the equalization pot by $1.28 billion from its present $10.9 billion. It has immediately angered Alberta and Saskatchewan. It would also mean the offshore oil and gas deal cut by the former Liberal government with Newfoundland and Nova Scotia would be scuppered and there are already screams of outrage from those provinces. Newfoundland Premier Danny Williams, whose province would lose $105 million in equalization payments, thinks it is odd that Canada's poorest province would pay the highest price. Ontario is strongly on record as opposing any increase in equalization.
... island, subsea production system, offshore loading system, drilling equipment, facilities rel...
As oil prices soar, Ottawa is awash in royalties from offshore oil and gas production on the East Coast, with $2.5 billion expected to gush in this year alone. The federal government receives a cut of revenues from platforms off Nova Scotia and Newfoundland. A recent audit of financial controls found a raft of "longstanding" problems in the way Natural Resources collects the cheques, deposits them and then accounts for the money. A spokesman for Natural Resources, Guy Turpin, said there is "no evidence of missing royalty money, staff negligence or criminal activity," and no one has been disciplined.
...Offshore oil and gas is expected to become more accessible ...
... will improve access to some onshore and offshore areas, other effects--like higher mobility of sea ...
Nova Scotia Premier Rodney MacDonald and Defence Minister Peter MacKay revealed the final figure at an announcement on the Halifax waterfront on Sunday afternoon after a recent media leak suggested the province stood to get more than $800 million. MacKay said the deal means the federal government is honouring a commitment it made to the province in 1986 after Nova Scotia was promised compensation for giving up its ownership interest in offshore oil and gas resources, but never received the funds. This is fair, this is just," MacKay told a crowd of provincial cabinet ministers, bureaucrats and onlookers who gathered for the outdoor announcement on a wharf overlooking the city's harbour.
... paper, aquaculture, and, most recently, offshore oil and gas facilities. Decisions on how to regula...
Offshore drilling platforms are not visible on the horizon ...
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