The C-NLOPB was created in 1986 through the Atlantic Accord and its associated, implementing federal and provincial legislation, the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act, S.C. 1987, c. 3 and the Canada-Newfoundland and Labrador Atlantic Accord Implementation Newfoundland and Labrador Act, RSNL1990 c. C-2 ("the Accord Acts"). It regulates petroleum-related activities in the Canada-Newfoundland and Labrador Offshore Area. While the C-NLOPB is an independent regulator that operates at arms-length from the governments, some Board decisions (referred to under the Accord Acts as "Fundamental Decisions") require government approval, as does its annual operating budget.The Board has seven, part-time positions — three appointed by the Government of Canada and three by the Government of Newfoundland and Labrador, with a Chair who is appointed jointly by the two governments.