Canada could ease the world energy crisis, reduce Putin’s power and help ensure Arctic sovereignty with one simple action — Canada needs to develop its northern oil and gas fields..Canada has been aware of vast oil and gas reserves in northern regions since the 1950s. Hundreds of wells have been drilled since the 1960s and reams of seismic data has been acquired..There are an estimated 19.8 trillion cubic feet of natural gas and nearly two billion barrels of oil sitting in the northern territories. Aside from some production in the Norman Wells and Liard regions, those resources have been languishing untouched. Estimates likely understate the amount of recoverable reserves as modern exploration and production techniques have advanced greatly since the early northern exploration was done..While energy companies invested billions in good faith trying to develop northern reserves, government interference and regulations since the 1970s prevented them from getting any return on their investment. Attempts to get a pipeline from Inuvik, NWT, to Alberta have been stunted and delayed so long, the cost estimates exploded, and companies bailed out of the endeavor once the pipeline was finally approved. Development of northern oil and gas reserves is viable but only if the government gets out of the way. .The world is in the grips of an energy crisis and it won't be ending soon. Increases in the cost of living and inflation due to government spending is harming citizens in every developed nation on earth..Meanwhile, Putin is rubbing the noses of western leaders into their own impotence as he continues his war in Ukraine and funds it with energy sold to European nations..How humiliating it must feel for the president of Germany to condemn the Russian actions in the strongest of terms, while groveling to Putin to ensure he doesn’t cut off the gas shipments..Biden’s claims to support human rights and green energy ring hollow as he goes cap in hand and begging for more oil from countries with some of the worst human right and environmental records on the planet..Meanwhile, Canada sits on some of the most abundant oil and gas resources in the world and refuses to develop much of it..Even if Canada suddenly found the will to expand oil and gas production, it would take years before the product came onstream. That said, there is no better time than the present to get on it..Demand for oil and gas isn’t going away for decades. Only the most blinded of environmental ideologues can't see that by now. Even if it takes a few years for new projects to come into production, we can rest assured a hungry world market will be waiting to buy the products..The Mackenzie Valley Pipeline project has been studied and consulted to death. All that needs to happen at this point is for the government to get out of the damn way. There is no need for further delays..Not only will developing northern resources bring much needed oil and gas into the world market, but it will also solidify Canada’s claims upon the Arctic..Currently, Canada doesn’t have the ability to reach many parts of the Arctic due to a lack of nuclear submarines and icebreakers. When I worked on the Beaufort sea, we lent space to government scientists because they didn’t have the resources to get as far north as we in the energy companies did..A leader such as Putin could have a very valid case to make in snatching Canadian Arctic resources. How can we pretend to own them when we can’t reach them and won’t develop them? What would we do about it if Russian exploration began and what case could we make to the world in aiding our defence?.The Mackenzie Valley Pipeline project would also come with an all-season road to Inuvik from the south. Currently, only the Dempster highway reaches the far north and, while scenic, it's constantly closed and is a long and winding drive. A new road from Yellowknife to Inuvik would be a boon for northern communities living in isolation and unable to develop local resources due to lack of access..Russia recently announced its plans to extend its Arctic oil and gas development. Let’s not pretend Putin would think twice before extending development into the ostensibly Canadian portion of the Arctic if given a chance..Norway is expanding their Arctic oil and gas exploration too..Canada’s northern resources are sitting in a use it or lose it situation..Under our current government, we may be poised to lose it.
