Mr. Speaker, the Atlantic accord promised that Newfoundland and Labrador, not the federal government, would be the principal beneficiary of offshore oil and gas development, including the Hibernia project.
Canada took an 8.5% share in Hibernia to help kickstart the project while Newfoundland and Labrador gave tax and royalty concessions. Now the federal government has more than recouped its investment, plus over $1 billion in dividends and, until recently, received 80% of all government revenues from Hibernia.
To redress this imbalance, will the Prime Minister negotiate the transfer of the federal stake in Hibernia to Newfoundland and Labrador as it has requested?