Chiefs of western Canada’s Stoney Nakota nation have announced what they call a “massive” agreement with a Chinese firm to develop and extract oil and gas reserves on their land.
The magnitude of this new agreement between Huatong and the Stoney Nations will hopefully bring us one step closer to self-sufficiency for our nation and people,” said Bruce Labelle, chief of the Chiniki band.
The Chiniki is one of the three groups making up the Stoney Nakoda nation which also includes members of the Bearspaw, and Wesley bands.
The Stoney Nakota land around Morley, Alberta, is located about 60 kilometres west of the major urban centre of Calgary.
The deal with the Hong-Kong based Chinese company Huatong Petrochemical Holdings Ltd. grants the firm access to explore and develop an area of just under 500 square kilometres on the Stoney Nakoda land. The First Nations will act as operator for the joint venture through Nakoda Oil and Gas Inc.
The Jumping Pound gas field on the Stoney land has been producing substational amounts of natural gas since the 1950’s.
With files from the Canadian Press