moved that the bill be read the third time and passed.
Mr. Speaker, I do not believe this is a very contentious bill. It has all-party support, therefore I will be brief. It is more in the line of housekeeping than substantive change to anything being done in that area. This is the member's area. I remember that from the last round of speeches.
I would like to begin by thanking hon. members for supporting this bill at second reading and at committee. The support of members for the bill guarantees longer term benefits and stability to dozens of individuals, families and businesses associated with the Norman Wells project.
Bill C-25 will accomplish two basic objectives. First, it will extend existing jobs, create new employment and business opportunities. Second, it will ensure responsible management of one of Canada's most important producing fields.
As hon. members are aware, Bill C-25 will allow production from the massive Norman Wells oil fields to continue beyond the year 2008 and possibly to the year 2020. Without this extension the community of Norman Wells would suffer economically since it is dependent on the oil industry to a significant degree.
There is an important human element to this legislation. We are talking about maintaining existing jobs, creating new jobs in a region of Canada with few economic alternatives. We are talking about continuing a way of life and a source of income for families that have depended on the Norman Wells project for many years.
Information gathered from prolonged production and advanced technology demonstrates the extent of the field should be redefined and the expiration date should be extended to capture the full productive capability of the field.
The National Energy Board conducted an independent review of Imperial Oil's assessment. It has corroborated the conclusion that the fringe areas of the oil field extend beyond the 1944 boundaries as well as the corporation's projections on the remaining production life beyond 2008.
It is incumbent upon the government as the steward of northern resources on behalf of all Canadians to ensure that Norman Wells field is fully developed. The extension and expansion of the proven area agreement will accomplish this strategic goal.
All Canadians stand to win from the full development of the Norman Wells field. The benefits will be most obvious in the north and in Alberta where most of the money that supports the production and operation is spent. Members will be happy to know, Mr. Speaker, that the money is spent in your home province.
Taxpayers across Canada will gain something from the return on the government's one-third investment in Norman Wells. This is expected to bring the government millions in additional revenues after 2008. As well, the government will receive millions of dollars in royalty payments as a result of the extension. These two revenue sources will improve the government's overall financial situation and ease some of the burden on taxpayers.
I am pleased to note that a share of the royalties from Norman Wells will also go to the aboriginal people of the area under the terms of the land claim settlement agreements. This money will be used by the aboriginal beneficiaries to improve conditions in their communities, increase economic development initiatives and generally to build a better future.
Finally, extending the production day for Norman Wells will also revitalize industry interest in the north, particularly as land claim settlements create certainty to open new areas for exploration and development.
By approving Bill C-25 we will be sending a clear message that the Canadian north is an attractive area for investment. There are many arguments in favour of Bill C-25 and the continued production of the Norman Wells oil field. As far as I am aware there are no meaningful arguments against the project and I think members of the House agree.
With this in mind I urge my hon. colleagues to once again demonstrate their support for the bill so that it can be referred to the other place and be quickly promulgated into law. I know that the oil company involved has been waiting patiently for several months for this bill to go through the House and the other place. They are ready to keep on working. I do not think there is any disagreement in the House on this bill.