The petroleum resources of the Northwest Territories are an extraordinary asset for both our local populations and for potential economic development.
But in recent years, the territory has seen a steady decline in oil and gas activity as a result of a tough market and decisions on major proposed projects.
That's where the Petroleum Resources Strategy fits in.
The Strategy sets out a two-pronged path to revitalizing the sector. It seeks to restore the confidence and investment of the large-scale export industry in the NWT, while promoting local natural gas projects designed to meet the more immediate energy needs of communities and businesses.
There are also measures designed to open the door for new technologies and research that will help residents pursue economic benefits from the development of petroleum resources within a framework of knowledge and innovation.