On Monday 1 April 2019 the Government of Canada and the
Government of Newfoundland and Labrador announced a deal described
as an agreement to amend and update the Atlantic Accord.
The 2019 Agreement
The original Atlantic Accord, agreed between Canada and the
Province in 1985, was a comprehensive document which established
the joint management system for petroleum development currently in
place for the Newfoundland and Labrador offshore. It included the
requirement that the Province would be the "principal
beneficiary" of the offshore, the joint management arrangement
through the Canada-Newfoundland and Labrador Offshore Petroleum
Board ("CNLOPB"), and the schemes for licensing,
development approvals and for the Province to set and collect
royalties.
