OTTAWA, June 18, 2015 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources, today announced the introduction of the Canada-Quebec Gulf of St. Lawrence Petroleum Resources Accord Implementation Act. This fulfills the Government's commitment to introduce legislation to implement the Canada-Quebec Accord, signed in March 2011.
The legislation proposes that Quebec become the beneficiary of revenues, including royalties and many taxes and fees, derived from the development of oil and gas resources in the Gulf of St. Lawrence. The Act was developed in close collaboration with Quebec and complements mirror provincial legislation introduced by Pierre Arcand, Quebec's Minister of Energy and Natural Resources and Minister responsible for Plan Nord, in the National Assembly last week.
The legislation introduced today is a central part of the Government's plan to create jobs, economic growth and long-term prosperity in Quebec and across Canada. As part of its plan for Responsible Resource Development, the Government is ensuring that no resource project will proceed unless it is safe for Canadians and safe for the environment.
- Canada is committed to continuous improvements in its offshore system, and this legislation will incorporate the safety and environmental protections found in the Energy Safety and Security Act, which enshrines the "polluter pays" principle in law and raises the absolute liability limits to $1 billion.
- The Government of Canada estimates that the Gulf of St. Lawrence and surrounding areas have the potential for more than 39 trillion cubic feet of gas and 1.5 billion barrels of oil, based on preliminary geological studies of the area.
- The 2011 Canada–Quebec Accord established two distinct phases of joint management. The bill covers the first or transitional phase in which the governments will establish a joint regulatory function. The second or permanent phase would be triggered by a commercial discovery of oil or natural gas resources and would see the creation of a joint independent offshore board.
"Our government is focused on creating jobs, growth and long-term prosperity in Quebec and across Canada. Our collaboration with the Government of Quebec on this historic legislation will enable the safe and environmentally responsible development of petroleum resources in the Gulf of St. Lawrence, creating economic opportunities throughout the region."
Canada's Minister of Natural Resources
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SOURCE Natural Resources Canada
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