Definition(s)

Offshore Revenue Threshold

“Offshore Revenue Threshold” means a cumulative amount of $200 million in gross federal revenue entitlement from production in the Offshore Area, calculated on a stand alone project-specific basis.

 

Shortfall of petroleum deliveries in the Province

For the purposes of this section, “shortfall of petroleum deliveries in the Province” means deliveries of petroleum that are inadequate to supply, on commercial terms,

  1. the end use consumption demand in Nova Scotia;
  2. the feedstock requirements of industrial facilities that are in place in the Province on January 31, 1986; and
  3. the feedstock requirements of any refining facility located in the Province which was not in place on January 31, 1986, provided that the feedstock requirements required to satisfy the demand of industrial capacity, as of January 31, 1986, in the Provinces of Newfoundland, New Brunswick, Prince Edward Island and Nova Scotia, have been met.

Source: Canada – Nova Scotia Offshore Petroleum Resources Accord, Canada, August 26, 1986. Legislation

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