Canada’s Northwest Territories Hold Huge Shale Oil Reserves Comparable to Bakken Field

Mining.com reported that a study from the National Energy Board showed Canada’s Northwest Territories could hold as much as 200 billion barrels of shale oil reserves in two separate fields.

As quoted in the market news:

While not all of that oil may be recoverable, experts believe that the Canol and Bluefish shales hold up to seven billion barrels of economically viable resources and could be comparable to North Dakota’s thriving Bakken field.

The fields, located in the central Northwest Territories’ Mackenzie Plain, 145 km. south of the Arctic Circle, might be the nation’s largest untapped oil reserves, according to NEB.

“This study confirms what we have known all along – that there is significant petroleum potential in the Sahtu,” said in a statement David Ramsay, Minister of Industry, Tourism and Investment for the Government of the Northwest Territories.

“If developed, these petroleum resources would create jobs and business opportunities and provide royalties to the GNWT and Aboriginal governments to support investment in northern priorities,” Ramsay added.

Click here to read the full Mining.com report.