TORONTO (miningweekly.com) – The Conservative Canadian federal government has tabled a ‘Notice of Ways and Means Motion’ to introduce a Bill to implement the Canada–Quebec Offshore Accord, representing an important milestone for responsible resource development in the Gulf of St Lawrence.

Natural Resources Minister Greg Rickford said on Thursday that the proposed legislation would ensure that Quebec would benefit from revenues, including royalties and many taxes and fees, derived from developing oil and gas resources.

According to the federal government, the Gulf of St Lawrence and surrounding areas had 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.

“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.

Quebec’s Minister of Energy and Natural Resources and Minister responsible for Plan Nord Pierre Arcand had also introduced mirror provincial legislation in the National Assembly.

The legislation would incorporate the safety and environmental protections found in the Energy Safety and Security Act, which enshrined the ‘polluter pays’ principle in law and raised the absolute liability limits to $1-billion.

The 2011 Canada–Quebec Accord established two distinct phases of joint management. The Bill covered the first, or transitional, phase in which the governments would 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.

The Bill was regarded as a central part of the government’s responsible resource development plan.