Steps in the Business Cycle

The subsection "Steps in the Business Cycle" explains most processes and gives procedures involving the exploration and development of oil and gas on First Nation reserve lands. The processes are generally described in the order in which they occur.

Moneys Cycle
Description of Moneys Cycle

Oil and gas moneys earned by First Nations from companies operating on their reserve lands are initially collected by Indian Oil and Gas Canada on behalf of First Nations. All oil and gas moneys are deemed to be either capital moneys (including royalties and bonuses) or revenue moneys (including rentals and considerations). The funds collected by IOGC then flow to the First Nation Trust Fund Accounts administered by Indigenous and Northern Affairs Canada (INAC) for their respective communities.

First Nations can gain access to their revenue or capital moneys for the use and benefit of their communities by the signing of a Band Council Resolution to that effect.

Date modified: