Thank you, Chair.
Thanks to the department officials and Minister O'Regan for being here.
Minister, I've enjoyed many of our conversations about the inextricable links between Albertans and Atlantic Canadians, who for generations have built each other's provinces to the benefit of all of Canada. As a first-generation Albertan—and you and I have talked a lot about our common roots—and as the daughter of a Newfoundlander, I care deeply, just as you do, about offshore petroleum opportunities for Newfoundlanders and Labradorians, for Nova Scotians and for all Canadians. I also care deeply and Conservatives care deeply about future opportunities in new and renewable technologies.
Just as you've outlined, it is surely true that the same pioneers and innovators who have unlocked offshore Newfoundland and Labrador with incredible talent and technology are the same pioneers who unlocked the oil sands. They'll be the same pioneers to lead the future of alternative technology development and the fuels of the future.
Here's what my concern is about Bill C-49, despite the mischaracterizations of your colleagues. I won't hold those against you, because you haven't been here at the committee. This is the problem with the bill. You know that the global market for offshore petroleum exploration and development is highly competitive because it's extensive in scale, cost and risk. Even exploration is outstanding in that way.
That is why it is very important for regulatory and fiscal regimes to be certain, clear, predictable and fair. They are, in fact, inextricable from the business case decision that private sector proponents would make. The truth is, as you know, for offshore petroleum development, a private sector proponent will spend years and years, raise millions of dollars in capital and head towards exploration to only maybe do about three or four bids a year, and they can choose to go anywhere in the world.
Just as you've said, Newfoundlanders and Labradorians have led the world in this effort, and in 2022, of course, five bids worth $230 million were bought from the offshore of Newfoundland and Labrador. Those represent thousands of jobs, spinoff jobs and economic opportunities for Newfoundlanders and Labradorians and all Canadians.
That was the number in 2022—five bids. Bill C-49 was introduced in May 2022. There was another bid for offshore petroleum exploration off the coast of Newfoundland and Labrador in November 2023. Do you know how many bids there were?