Posted on 07/18/2012 6:11:10 PM PDT by saganite
The Northwest Territories has switched its engine for economic independence to oil from natural gas as majors start exploring a promising shale play in the central Mackenzie region.
The Canol shale formation could be as big as the prolific Bakken light oil play which stretches across Montana, North Dakota, Saskatchewan and Manitoba, said David Ramsey, minister of industry and of transportation for the NWT, Wednesday.
Major oil and gas producers have invested $628 million in working commitments on 15 parcels in the central Mackenzie region since 2011, establishing a foothold in the promising region, Ramsey said.
“It goes to show there is a resource there, it’s going to be proven up and if all goes to plan, it will transform the economy in NWT overnight,” Ramsey said from Saskatoon, where he speaking on responsible resource development at a conference.
Initial estimates peg the Canol play at two to three billion barrels of recoverable crude in a region which has seen drilling activity for almost a century but has yet to reap substantial economic benefit because of its remote and challenging terrain.
(Excerpt) Read more at calgaryherald.com ...
Ping
More great news. Thanks for posting. I love these kind of stories.
Hey! Don’t trade in your gas-powered car for a battery-powered one just yet.
FU Saudi Arabia!
Look for the watermelons to try to have it declared a UN World Heritage Site.
We may have crappy winters, but at least the terrain is relatively 'friendly'...
Still, with the right incentives and some initial development, this could take off, too. Especially considering that Canada WILL build pipelines to get their crude to market.
Well, ok, but it’s not going to help you unless you let TransCanada build the pipeline.
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