A decade ago, the offshore regulatory board reduced its estimate of the recoverable reserves in the Terra Nova field from 405 million barrels to 354 million barrels.
Danny Williams was trying to squeeze additional transfer payments out of the federal government in the guise of getting provincial oil royalties that the federal government supposedly took back.
The whole thing was a fraud of the first magnitude but hundreds of thousands of people in Newfoundland and Labrador fell for it.