Atlantic Accord

The Atlantic Accord is an agreement between Canada and Newfoundland and Labrador that shares offshore oil and gas revenue. It ensures the province benefits financially from resources found in its offshore waters, providing a fair portion of the profits to support local services and development. The Accord also establishes rules for managing resource development and environmental protection. Essentially, it balances national interests with provincial rights, aiming to promote economic growth while safeguarding the environment and ensuring the local community benefits from their natural resources.