Our offshore oil projects are almost as long-life as the oil sands: 25- to 30-year trajectories are common. Companies must model that and understand what their trade-offs are. With the carbon pricing mechanism, you have an escalating price per tonne, but you also have a diminishing floor, a cap to which this tax is not applied, so they are divergent. Unfortunately, as the oil projects age, the emissions intensity worsens over time. That adds a level of complexity that needs to be reckoned with.
