Premier Dwight Ball is planning to launch a review into the Atlantic Accord within the next year.
Ball told Noia’s AGM at the Delta in St. John’s today he’s seeking a meeting with the Prime Minister to ensure the province is reaping the greatest benefits from the offshore.
Ball says there was a commitment for a review to be conducted by next year as was outlined in the 2005 Atlantic Accord.
— Gerri Lynn Mackey (@GerriLynnMackey) February 13, 2018
He says the 2005 accord stipulated that a review would be conducted before March 2019, and the provincial government sent a letter to Prime Minister Justin Trudeau today to get the process started.
The accord outlines how the Government of Canada and the provincial government manage offshore oil and gas resources. Questions have been raised recently about what effect new regulatory legislation could have for the Accord and the province’s offshore regulator, the C-NLOPB.
Ball say government wants to make sure the province is getting what it deserves.
He says it’s not about getting better equalization payments—the point of the review is to ensure Newfoundland and Labrador is the primary beneficiary of its offshore oil and gas, and to make sure the province is getting its fair share out of the confederation.