Natural Resources
February 11, 2010
Acting Premier Recognizes
25th Anniversary of Atlantic Accord
On the 25th anniversary of the signing of the
Atlantic Accord, the Honourable Kathy Dunderdale, Acting
Premier and Minister of Natural Resources, today
acknowledged the important work of the negotiators and
signatories to this historic agreement that paved the
way for the development of the Newfoundland and Labrador
offshore oil and gas industry.
“This was a pivotal point in our province’s history and
it precipitated the development of our first major and
pioneer offshore oil project, Hibernia, which has
returned substantial benefits to the people of the
province and Canada,” said Acting Premier Dunderdale.
“When the Atlantic Accord was negotiated, we had a fair
share of skeptics who didn’t buy into the vision shared
by signatories to this agreement. Now 25 years later, we
have three successful producing oil projects and a
fourth in development. We also have a robust supply and
service sector poised to serve future projects in the
province and to offer its capabilities and expertise in
new frontiers. Our oil industry continues to flourish.
It is the main fiscal engine that drives our provincial
economy and represents nearly 40 per cent of our
province’s Gross Domestic Product.”
Signatories to the Atlantic Accord included then Prime
Minister Brian Mulroney; John Crosbie, Newfoundland and
Labrador’s representative in the federal cabinet at the
time; former Premier Brian Peckford, and Bill Marshall,
former provincial energy minister. The federal and
provincial governments also had a long list of skilled
officials whose dedication and commitment produced a
final agreement on the joint management of the
Newfoundland and Labrador offshore and the sharing of
revenues from the exploitation of those resources.
The Atlantic Accord provided for the creation of the
Canada-Newfoundland and Labrador Offshore Petroleum
Board to jointly manage the oil and gas resources off
Newfoundland and Labrador.
In 2005, the Williams Government improved upon the
benefits in the original Atlantic Accord by negotiating
a new deal that retained a greater share of offshore
revenues for the province. The new revenue-sharing
arrangement reached between Premier Danny Williams and
then Prime Minister Paul Martin resulted in Newfoundland
and Labrador receiving 100 per cent of its offshore
revenues for the first time, free from any clawbacks
while an equalization-receiving province. The 2005
Accord enabled Newfoundland and Labrador to truly be the
“principal beneficiary” of the petroleum resources off
its shores. For more information, please visit
www.gov.nl.ca/atlanticaccord/
“The original Atlantic Accord has greatly
assisted in the pursuit of long-term economic prosperity
and self-reliance for Newfoundland and Labrador, and
these benefits were secured and improved in 2005 when
Premier Williams succeeded in convincing the Federal
Government of the inequity Newfoundland and Labrador had
endured for years in not receiving the full benefit of
the exploitation of its offshore resources,” said Acting
Premier Dunderdale. “The Atlantic Accord is responsible
for starting our petroleum industry and the associated
benefits that accrue to this province. This is a day for
reflection on how far we have come in 25 years, the
opportunities that still lie ahead and the power of
determination.”
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Media contact:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-8241
tracybarron@gov.nl.ca
2010 02 11
9:50 a.m.
