Mr. Speaker, today the people of Newfoundland and Labrador are celebrating the birth of a new industry.
Yesterday as oil flowed on board the $5.8 billion Hibernia platform, workers celebrated their accomplishments. Many of the 5,800 constructions workers, 90% of whom are Newfoundlanders, are also quite proud of their contribution.
It is also time for Canadians to share in our celebration. Of the $5.8 billion cost, $2.7 billion was spent in Newfoundland, but $1.4 billion was also spent in other parts of Canada.
The $1.8 billion loan guarantee of the Government of Canada will never be called upon. The billion dollar grant will be repaid in full. In fact, Canada will receive much more now that the amount of recoverable oil has been significantly increased.
This new industry with a potential of $100 billion of business from the 5.8 billion barrels of oil and 52 billion cubic feet of natural gas will be a major contributor to Canada's oil supply, government revenues and business profits.
On behalf of all Newfoundlanders we are delighted to begin our contribution.