New legislation would ensure Quebec would benefit from oil and gas resources in the Gulf of St. Lawrence
QUEBEC CITY—With an estimated 39 trillion cubic feet of gas and 1.5 billion barrels of oil, the Gulf of St. Lawrence and its surrounding areas represent a significant opportunity for Canadian businesses.
The Canadian Government has followed through with its commitment to improving the country’s offshore system by moving forward in an effort to implement a Canada–Quebec Offshore Accord.
On June 11, Canada’s Minister of Natural Resources, Greg Rickford, tabled a Notice of Ways and Means Motion to introduce a bill to implement the Canada–Quebec Offshore Accord. The government says, the bill represents an important milestone for responsible resource development in the Gulf of St. Lawrence.Canada–Quebec Offshore Accord.
“Our government is proud to partner with the Government of Quebec on this historic legislation to establish joint management of offshore petroleum resources. The Accord will create jobs and economic growth and prosperity for Quebecers while ensuring the safe and environmentally responsible development of petroleum resources in the Gulf of St. Lawrence,” Rickford said.
The proposed legislation would ensure that Quebec will benefit from revenues, including royalties and many taxes and fees, derived from the development of oil and gas resources.
Pierre Arcand, Quebec’s Minister of Energy and Natural Resources and Minister responsible for Plan Nord, introduced mirror provincial legislation in the National Assembly.