Natural Resources committee  That is precisely the question we were asking ourselves in response to a company wanting us to replace this methodology with something else. With the events in the Gulf of Mexico, we decided to cancel that hearing and to take a broader perspective, not only on that device but also everything else that makes the outcome of safety--

Natural Resources committee  That's right.

Natural Resources committee  Our thinking has been guided by best practices in regulation. The first example I will mention is Norway. The U.K. has followed, and Brazil just converted to goal-oriented regulation. The basic tenet of goal-oriented regulation is that you regulate for the outcome—as you say, for the safety.

Natural Resources committee  As I read in my opening statement, and maybe I did not express this properly—

Natural Resources committee  No, it is a requirement, sir. As I said in my opening statement, if there is a spill and the operator is at fault, they are 100% responsible to pay for all costs and damages.

Natural Resources committee  In addition, before drilling, the operator must provide us with financial security. This security is available to us to cover the costs of a potential cleanup. The National Energy Board determines the amount of that security, and there is no set maximum amount.

Natural Resources committee  Oh, I misunderstood you; I apologize—

Natural Resources committee  We had plans in place that were reflective of the simpler environment in which the drill was being made. The structure that was drilling the well was firm on ice and the bottom of the ocean. As to the details of these plans, not in great detail but the key elements, if you'll allow me, Mr.

Natural Resources committee  --in the context of resources that our staff must invest in processes that are administrative in nature, and the necessity to be accountable to the people of Canada for processes that only take the time necessary to do a superb job.

Natural Resources committee  Absolutely.

Natural Resources committee  Absolutely not.

Natural Resources committee  It is true generally, sir.

Natural Resources committee  The depths that are currently being drilled are very deep. I cannot speak for the two offshore boards, but I can speak for our board. In Canada we haven't had this situation. The earliest we could face that, at about half the depth that is now currently drilled in the gulf, would be 2014.

Natural Resources committee  No safety regulator can possibly say that an accident will never happen. It is our job to prevent that to the best of our abilities, and at the same time, as a last resort, if the worst-case scenario emerges, to not have to think about it: to be absolutely ready, at T equals zero, to move in.

Natural Resources committee  I agree.