Speaking specifically to the issue of offshore drilling, I have no doubt that the major oil companies that are capable of making the investments necessary to engage in exploration and eventual production activities have the capital to finance whatever form of regulatory process is required, prior to going into production and profiting. I don't think that's the issue for them.
I think that, yes, if the rules are made clear from the beginning, then they will follow those rules and they'll abide by the process. The critical point I was making was that the process is insufficient with regard to offshore drilling. Prior to issuing exploration licences we need a broader process, a strategic process that allows for the identification, for example, of areas in the Beaufort that ought to be protected. One ought to know where you should not drill prior to issuing rights to drill. It simply makes no sense.
There are processes under way in the Beaufort, but there remains a gap with regard to broad, strategic environmental assessment prior to the issuance of exploration licences. That's necessarily going to, in my opinion, cause challenges down the line when there are areas where rights have been issued but community groups and environmental groups say, “You've issued a licence there, but this is right beside where the belugas come.” In my opinion it will slow things down.
So I think that if there is an investment made in a comprehensive process early on, the ultimate result is more responsible and more profitable development later on.