The First Nations Oil and Gas and Moneys Management Act , SC 2005, c 48 (FNOGMMA) is federal legislation that provides First Nations with the option to manage their:
First Nations can choose to opt into either part of FNOGMMA, or both.
Oil and gas revenue is allocated to First Nation Trust Fund Accounts as follows:
| First Nation Oil and Gas Revenue Type | First Nation Trust Fund Account |
|---|---|
| Royalties and bonuses | Capital Account |
| Annual rentals and initial considerations | Revenue Account |
FNOGMMA was developed as a result of a collaborative effort by the federal government, Siksika Nation, Blood Tribe and White Bear First Nations. The content of FNOGMMA represents the ideas and principles proposed by these three First Nations and the Government of Canada. Some First Nations have opted in to manage their moneys and there are no First Nations that are currently managing their oil and gas resources.
For more information on the moneys option, see the Department's First Nations Oil and Gas and Moneys Management Act (FNOGMMA) website or contact a Departmental Representative.
The future direction of the oil and gas option of FNOGMMA is currently under review, contact us for more information.
Additional details can also be found in First Nations Oil and Gas and Moneys Management Act , SC 2005, c 48.
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