Mr. Speaker, the Northwest Territories has the potential to be an energy giant. We are home to world-class oil and gas reserves in the Deh Cho, central Mackenzie, Mackenzie Delta and Beaufort Sea. This territory sits atop an estimated 80 trillion cubic feet of natural gas and seven billion barrels of oil. Estimates indicate the Arctic contains one-fifth of the world’s untapped oil and gas reserves.

In order to develop the Northwest Territories’ tremendous petroleum resources in an environmentally responsible and economically efficient manner, we need to develop a comprehensive plan. Today I would like to talk to you about this government’s work to create an Oil and Gas Strategy.

Similar to the approach taken to develop the Economic Opportunities Strategy and the Mineral Development Strategy, which were released by this government in 2013, we are drawing upon the expertise and knowledge of regional and territorial stakeholders, Aboriginal governments and industry to develop a strategy that truly reflects northern values and priorities.

Historically, the NWT economy has been reliant on mining. While there has been oil and gas activity in the territory for decades and this sector has made significant contributions to the economy over the years, particularly in the central Mackenzie Valley around Norman Wells, the sector is far from reaching its full potential.

Mr. Speaker, the oil and gas sector currently faces the challenge of low global oil prices. As such, it is an opportune time for the NWT to focus on actions that will make us a more competitive and attractive destination for oil and gas investment and responsible development in the days to come.

The NWT Oil and Gas Strategy will outline how we intend to control the pace of the NWT’s oil and gas development. It will focus on building upon the existing foundation of oil and gas exploration in the NWT and establish a clear path to responsible production of oil and gas across the territory’s

petroleum-rich regions. The strategy will outline opportunities to help people gain appropriate trades and skills for future employment in the oil and gas industry.

Mr. Speaker, the next step towards realizing this strategy is to gather additional public input through an online survey that will soon be released. We have already completed interviews with subject matter experts and held focus groups with key stakeholder organizations and businesses, and Aboriginal and community government representatives in regional centres across the territory.

We will also seek input from the Members of the Legislative Assembly. The consultation process will provide us with an opportunity to increase awareness about the importance of responsible oil and gas development in the NWT, the associated benefits for all NWT residents and the support and infrastructure required to develop this industry. The NWT Oil and Gas Strategy is expected to be released in June 2015.

Mr. Speaker, managing the NWT’s natural resources responsibly will help provide a solid basis to our economy and support the creation of jobs and economic opportunities for NWT residents and businesses. This strategy, informed by the input of the public, Aboriginal governments, MLAs and stakeholders, will help guide our decisions over the next 20 years and ensure that our residents enjoy sustainable benefits from the development of NWT petroleum resources.

I look forward to providing Members with further updates on the Oil and Gas Strategy as it develops. Thank you, Mr. Speaker.