We cannot deny that we sit in the down cycle of the commodity markets right now. This is something we have seen before. Commodity markets rise, they fall, they recover. It's a natural flow of the markets.
As we sit in this downturn, our government is hard at work ensuring our jurisdiction will be ready to capitalize on the next peak in commodities. ITI has started work reviewing the Oil and Gas Operations Act and the Petroleum Resources Act, regulations pursuant to those Acts, and associated policies. Policy intent discussion papers are being developed which will introduce potential changes. These papers will be shared with Aboriginal governments, regulators, industry and the public to provide an opportunity for input on the potential changes the Government of the Northwest Territories is considering, as well as petroleum-related policy issues that stakeholders and Aboriginal governments might wish to raise. Legislative and regulatory drafting will be done by the Department of Justice and follow the legislative and gazetting process.