Mr. Speaker, my colleague neglects to say that there is a cabinet directive to provide a strategic environmental assessment before any leases are handed out. As well, the process that he describes sounds great if it is being handled in a correct fashion by a company that can handle it. However, what we see now is a company that cannot financially handle this kind of investment in the Arctic and will undoubtedly pick other partners for it. If the company or the other partners are successful in finding a significant discovery in that area, the companies then have the right to that resource. That resource remains with them.
What we have is a situation where we do not have a clear future outlined in the handing out of this lease for such a low sum of money. I might add that a letter of credit is all that is required for the deposit that goes on these leases.