Thank you, Mr. Speaker. Strategic Oil and Gas was, at the time of devolution, transferred an operations site which has gone through an environmental screening and regulatory process and met the criteria for a release site. The site has an owner that is responsible for clean-up and environmental liabilities. Canada transferred the securities associated with all operating sites on April 1st, 2014. Adequacy of security is the subject of continual review and revision as part of the modern regulatory process in the NWT.
At the moment, Strategic Oil and Gas, although it is in creditor protection as it attempts to restructure its operation, is still responsible for remediation obligations related to its sites in the NWT. Under our current system, there are a number of authorities that address securities, including the independent Mackenzie Valley Land and Water Board. Security is required as part of the land tender authorization, and, in the case of oil and gas, operation securities operate to address operations and safety. I believe that the Member will agree with me that there is room for improvement to better ensure that the environmental liabilities are borne by the developer who is responsible for creating them and that adequate securities are put in place to address them when operators become insolvent and unable to continue their operations.