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MONTREAL — Prime Minister Stephen Harper said Ottawa and Quebec are both expected to table legislation by the end of the year to jointly manage the petroleum resources in the Gulf of St. Lawrence.

READ MORE: Quebec judge backs environmentalists to stop TransCanada exploratory drilling

Harper made the announcement in Sept-Îles on Tuesday morning along with Denis Lebel, the federal cabinet minister responsible for Quebec’s economic development.

Watch: Concerns over bigger tankers in St. Lawrence River

Also in attendance was Quebec’s junior transport minister, Jean D’Amour.

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Harper said Ottawa and Quebec are well-positioned to table the legislative framework to implement an accord that was signed in 2011.

READ MORE: Quebec’s oil economic benefits questioned in new report

Ottawa estimates that the Gulf of St. Lawrence and surrounding areas have the potential for 39 trillion cubic feet of natural gas and 1.5 billion barrels of oil.

Watch: Drilling in the Gulf of St. Lawrence