Canada–Newfoundland and Labrador Atlantic Accord Implementation and Offshore Renewable Energy Management Act — C-7.5 56.4
Negotiations for compensation 56.4 (1) The Provincial Minister may enter into negotiations with an owner of a petroleum-related interest for a determination of any compensation that may be granted to the interest owner for the surrender of the interest in respect of all or any portion of the offshore area subject to the interest, if all or any portion of the offshore area in respect of which the surrender is negotiated is (a) located in an area that is identified under an Act of the Legislature of the Province as an area for environmental or wildlife conservation or protection; or (b) subject to regulations made under section 56.1. Notice to Federal Minister (2) The Provincial Minister shall, not later than 60 days before entering into the negotiations, give written notice to the Federal Minister of the Provincial Minister’s intention to enter into negotiations with the interest owner within the period specified in the notice referred to in subsection (3). Notice to interest owner (3) The Provincial Minister shall, not later than 30 days before entering into the negotiations, give written notice to the interest owner, and forward a copy of the notice to the Regulator, indicating the Provincial Minister’s intent to enter into negotiations with the interest owner within the period specified in the notice. Power to cancel (4) The Provincial Minister and the Federal Minister may, by order, jointly cancel the interest in respect of all or any portion of the offshore area that is subject to the interest and that is located in an area that is or, in the opinion of the lieutenant governor in council of the Province, may be identified under an Act of the Legislature of the Province as an area for environmental or wildlife conservation or protection, if (a) the interest owner did not enter into negotiations with the Provincial Minister within the period specified in the notice given to the interest owner; (b) in the opinion of the Provincial Minister, the compensation to be granted to the interest owner for the surrender of the interest has not been determined during the negotiations within a reasonable time; or (c) in the opinion of the Provincial Minister, the negotiations have not resulted in the surrender of the interest by the interest owner within a reasonable time even though the compensation to be granted to the interest owner has been determined during the negotiations. Amount of compensation (5) The Provincial Minister shall specify in the order the amount of the compensation to be granted to the interest owner under subsection 56.5(2) in respect of the cancellation of the interest. Crown reserve areas (6) The portion of the offshore area subject to the interest referred to in subsection (1) that has been surrendered or the interest referred to in subsection (4) that has been cancelled becomes a Crown reserve area. Return of deposit (7) If an interest referred to in subsection (1) is surrendered or if an interest referred to in subsection (4) is cancelled, the deposit balance with respect to the interest held by the person holding that deposit balance on behalf of the interest owner, calculated in accordance with the regulations, shall be returned to the interest owner, less any liability, either direct or by way of indemnity, owed by the interest owner to that person at the time of the surrender or cancellation. 2024, c. 20, s. 28