UNCLOS – Bay du Nord oil could become 1st in world to see payments flow to UN’s International Seabed Authority
A deepwater oil project 500 kilometres from St. John’s could generate a rich stream of revenue for Newfoundland and Labrador and tax benefits for Ottawa — but it also could eventually see funds flow all the way to the United Nations. And that raises the question of who ultimately would foot the bill for those payments to the UN. The $6.8-billion Bay du Nord project, announced Thursday by the Newfoundland and Labrador government and the Norwegian oil company Equinor, is poised to become the first oil field to fall under the United Nations Convention on the Law of the Sea. Canada signed on to UNCLOS in 2003. >click to read<11:56
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