Canada's Mackenzie Gas Project has been approved by federal regulators, marking a new chapter in a 30-year pursuit of Arctic natural gas riches by southern producers and a territorial government seeking economic independence, says the Calgary Herald.
"We looked at how the project would contribute to sustainability in the way it would affect the people, the land where they live, and the economy, now and in the future," the panel said in its lengthy decision, which also included 264 conditions that must be met by the developers.
"We recognize that the Mackenzie Gas Project would have much larger and more far-reaching effects than previous developments in the North."
Supporters of the $16.2-billion pipeline, the largest capital project to be undertaken in Canada, greeted the National Energy Board's decision Thursday with unabashed enthusiasm.
The pipeline and development of three major "anchor" fields will bring jobs and hope to the Northwest Territories, much needed infrastructure and spinoff jobs in construction, hospitality and service across Canada, Reid said.
However, approval by the federal energy regulator does not spell sanction by proponents of the $16.2-billion project. The consortium of stakeholders, led by Imperial Oil, continue to seek support from Ottawa to proceed with the pipeline.
Oil and gas producers have been chasing northern resources since the 1970s, reviving the pipeline project in 2000 when natural prices started climbing again and the outlook was for even higher returns.
