Mr. Speaker, the government is committed to ensuring that the people of Newfoundland and Labrador receive greater financial benefits from the offshore resources. The Government of Canada has offered Newfoundland and Labrador payments equal to 100% of its offshore revenues, payments which are expected to reach $1.4 billion over the next eight years. That is what Premier Williams asked for in February. That is what he asked for in June. That is what we are promising.
In the House of Commons on October 26th, 2004. See this statement in context.