Canadian government plans to raise offshore liability cap

The Canadian government plans to increase the liability cap for companies operating in Atlantic Canada's offshore to $1 billion, up from the current $30 million, under proposed legislation slated to be introduced later this year, Natural Resources Minister Joe Oliver said.

Speaking in Halifax last month, Oliver also announced that the anticipated legislation will call for the liability cap in the Arctic to be increased to $1 billion from the current $40 million.

Oliver said Canada wants to align its accountability regime with current international standards in case of an offshore oil spill.