Mr. Speaker, let me clarify for my hon. friend that the federal government has not spent $4 billion on the Hibernia project. The total projected cost of the project, involving all equity owners, is $5.2 billion.
Therefore to suggest that the federal government has expended $4 billion is completely inaccurate and unfortunately a misrepresentation of the situation as it presently exists.
In addition, let me reiterate the point that we as a government believe and my projections and figures indicate that Hibernia has every prospect of being ultimately profitable and an important component in our long term energy security as a nation.