The Government of Newfoundland and Labrador is responsible for the negotiation and establishment of royalty regimes for offshore oil and gas resources. The presence of most major global oil and gas players in the Newfoundland and Labrador offshore is a clear indication that the Government has been successful in delivering clear and competitive regulatory and royalty regimes for oil and gas.
Government has developed an Offshore Natural Gas Royalty Regime to provide potential operators with important fiscal information required to assess project economics for the province’s immense and, as yet, undeveloped natural gas reserves. Government is also in the process of developing a new Generic Offshore Oil Royalty Regime to provide the same fiscal information to guide future investment in undeveloped offshore oil reserves. The links below provide more information on the royalty regimes in place.