Mr. Speaker, I hope the member is signalling support for this industry as a whole. I had a chance to be in Newfoundland not too long ago where the palpable enthusiasm in economic activity in Newfoundland was very clear to me. The important role that we play in working with Newfoundland and Labrador on offshore activities, particularly in regard to this act, is significant in terms of striking that right balance between a liability regime that works for continued economic activity.
Canada's current absolute liability limits, as I said earlier, have not been updated since the 1980s. This bill seeks to ensure that Canada's offshore regime for oil and gas remains world class. The $1 billion absolute liability would place Canada's regime squarely among those of its peer countries. As I have said before in answers to previous questions, in the case of fault or negligence liability remains unlimited.