"The meeting between Premier Williams and Minister Efford provided a great opportunity for this province to secure more benefits from our offshore resources," said Mr. Parsons. "I was very pleased to hear the proposal that the premier put forward asking for our resource revenues to be free from the equalization clawback. This initiative has the potential to generate significant revenues for the province.

"Today, I would ask the premier to update the people of the province with regards to his discussions related to the transfer of the 8.5 per cent Hibernia share. This is another important initiative that the province has been pursuing, and it was expected that this would be discussed as another potential option to ensure that Newfoundlanders and Labradorians become the principal beneficiaries of our offshore resources.

"During their discussions, did the premier emphasize the important revenues that would accrue to the province from the Hibernia shares? Did Minister Efford agree that the Canadian Hibernia Holdings Corporation (CHHC) should be based in this province, not Calgary? Were any formal proposals brought forward by the premier? Did Minister Efford agree to discuss this option with the Prime Minister?

"I ask the premier to provide a further update on his discussions related to the transfer of the Hibernia shares. This issue is of great importance for our province and we should ensure that we approach all possible scenarios when asking the federal government for change. Changes to the Atlantic Accord and the transfer of the Hibernia shares are two potential options that the federal government can undertake to address this province’s fiscal challenges. We must ensure that the Prime Minister is aware of all options while considering his best course of action."