Premier Tom Marshall released Thursday the first report of the Oversight Committee for the Muskrat Falls project.

The committee comprises senior government officials and will oversee the project's costs, scheduling and risk.

Marshall says it was important to establish a committee to keep tabs on the project and the senior managers at Nalcor.

"The people of this province can be satisfied that everything that can possibly be done is being done for this project which is going to bring great wealth to the people of this province," said Marshall.

The committee's report included information on its governance structure, the existing project oversight measures, the project's budget and schedule and next steps.

Liberal MHA Tom Osborne is skeptical the committee will work.

"They've got a committee of government officials reporting on a government project and trying to tell the people that this is okay," said Osborne. "It's not."

But Marshall hopes this new layer of oversight will win back the public's trust.

"There are people in this province that have expressed concern about Muskrat Falls," said Marshall. "We've heard them...I listen to what they say very carefully. We don't ignore what people are saying. We watch what people are saying and then we talk to Nalcor about it. I am satisfied with all due respect to these people that they are wrong on this issue."

The next report of the committee will be released this fall and will provide an assessment of the management of project costs, schedule and risk.

With files from David Cochrane