Yes, thank you.
We are probably dominated by the western Canadian view of it as a production cap, and I agree that it is essentially a production cap, but from my perspective, I see it as something more severe: It's an investment cap.
We rely upon investors who can freely go anywhere else in the world. We compete with 40 other jurisdictions for exploration dollars, and what's happened in our offshore after a significant amount of investment on behalf of the province is quite shocking.
The provincial government has put up $19 million to incentivize explorers to come here. The explorers are simply unable to see a pathway to development. This is really troubling, because we have one government at odds with another government about trying to achieve a common objective.
I see it as an investment limiter. It's fully blocked any new growth opportunities, and I don't foresee any resurgence in investment in our offshore until the emissions cap is replaced and we have the signals that the Bay du Nord project is moving forward.