New offshore oil royalty announced for Newfoundland & Labrador

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Report summary

On 2 November 2015, the Government of Newfoundland and Labrador announced the details of its proposed new generic offshore oil royalty regime. The objectives of the recent royalty review were to define a transparent, profit-based, progressive and competitive royalty regime. The overhaul of the previous project level royalty negotiation is a first step towards greater fiscal transparency ahead of an upcoming offshore land auction set for mid-November. The new terms do not apply to assets under development (like Hebron), but will apply to any potential future projects in the Flemish Pass.

Table of contents

  • Details of the New Generic Offshore Oil Royalty Regime
  • R Factor
  • Net Royalty criteria
  • Royalty Rates

Tables and charts

This report includes 3 images and tables including:


  • New offshore oil royalty announced for Newfoundland & Labrador: Table 1
  • Comparison of New vs. Historical Newfoundland & Labrador Royalty Terms


  • Royalty rates

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