March 22, 2018
Representatives from the Department of Industry Tourism and Investment were in Calgary this week to participate in the 18th Annual Arctic Oil & Gas Symposium.
For senior government officials, key industry players, and northern community leaders, the annually conference is an opportunity to talk candidly about oil and gas development in the Northwest Territories (NWT).
ITI's Director of Petroleum Resources, Menzie McEachern, speaks to symposium delegates about the NWT's potential.
This year’s event included engagement with industry stakeholders on the GNWT’s proposed updates to the NWT’s Petroleum Resources and Oil and Gas Operations Acts.
For ITI’s Director of Petroleum Resources, Menzie McEachern, it was also an opportunity to preview the forthcoming NWT Petroleum Resources Strategy, due for release by the GNWT in April.
NWT Petroleum Resources - A Path to Northern Benefits and Energy Security presents a balanced, viable and made-in-the-NWT approach to advancing petroleum development in the NWT for the benefit of all residents. Its aim is to realize both short and long-term economic benefits of NWT petroleum resources, positioning and preparing the territory to realize industry investment while, pursuing local energy security and integrating the study of new technologies and research.
The Northwest Territories has significant and varied energy resources. They offer a frontier for exploration; and represent, in their development and delivery to market, significant opportunities to grow and diversify our economy. In time, natural gas resources can also contribute to regional energy security, lessen our reliance on imported diesel, reduce energy costs and lower NWT greenhouse gas emissions.
None of this will happen overnight, McEachern notes. “Realizing the benefits of NWT petroleum resources will take time, commitment and innovation – and we have all of that.”