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Hibernia Benefits Agreement

Today, we have kept that promise. It guaranteed the province control of its offshore industry and that it would forever be the main beneficiary of these resources. It is a pioneering agreement that has brought tax and social benefits that would otherwise have been out of reach. A new agreement has been reached to ensure NFLD`s share of offshore revenues Canada and Newfoundland and Labrador have also agreed to cooperate in planning the development of the offshore area for the development of petroleum resources and the protection of marine biodiversity. These include an agreement to limit oil development in the Laurentian Channel Marine Reserve project and to allow oil development on the Northeast Slope. In this agreement, there is the promise to strengthen them. But that`s the magnitude. The Government of Canada is committed to investing and entering into agreements that help create and protect quality, well-paying middle-class jobs, and develop natural resources in the right way to create the conditions for sustainable economic growth for years to come. The deal announced by Ball and O`Regan is a five-page deal – six, if you count the page signed by Ball and federal Finance Minister Bill Morneau – called the Hibernia Dividend Backed Annuity Agreement. It is worth $2.5 billion to the provincial treasury. When government officials who were informing journalists why the deal referred to lower electricity prices were asked, they were told, ”Ask the politicians.” Saint John, April 1, 2019 – New resource sharing agreement announced. After an approval phase, a contract is then awarded to the successful tenderer. .

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