Thank you, Mr. Speaker. There is industry interest in the oil and gas resources in the Beaufort Sea. There was evidence of that when industry successfully bid $2.3 billion worth of work, and also, we know that there are recoverable estimates of seven billion barrels of oil and 82 billion cubic feet of natural gas in the offshore.

However, at the present time, with the current moratorium, all activity and interest is on hold until there is certainty. If and when the moratorium is lifted, companies will make decisions on whether or not and when to conduct future exploration and development. Thank you, Mr. Speaker.