Mr. Speaker, I hope my colleague listens to the answer.
It is no exaggeration to say that the offshore oil and gas sector has transformed the economy of Newfoundland and Labrador. Thanks to the royalties and other revenues generated by this industry, Newfoundland and Labrador has become a “have” province and an economic force in our federation for the first time in history.
One of the reasons for its remarkable success is Canada's robust regulatory regime for offshore oil and gas activities. Our regime helps to ensure the highest level of safety, protection of the environment and management of our petroleum resources.
Our government takes sustainable development of Canada's natural resources very seriously. That is why offshore oil and gas activities must meet tough standards that are among the highest in the world.
Canadian regulators will not allow any drilling to start until they are convinced that the environment and the safety of workers will be protected. In the event of a spill, the polluter pay principle is the foundation of our liability regime.