Yes, there are definitely a lot of things at play. I agree.
There is a great deal of potential. There is vast potential, as I mentioned. About 35% of Canada's remaining conventional oil and gas lies in the north.
We have seen, obviously, cycles of exploration that have led to major discoveries. We have quite a high discovery rate, for instance, in the Beaufort-Mackenzie basin. You have a rich shale formation that has fed the rich Norman Wells oil field in the central Mackenzie Valley. They are exploring the economic potential of that shale formation. There have been 19 natural gas discoveries on high Arctic islands, and there have been concepts over the past decades to develop that resource.
If I could just go back, the aboriginal groups are engaged from a very early point. For instance, there's a great deal of leadership among the Inuvialuit to make sure that the aboriginal Inuvialuit are very informed. The industry often converses with the Inuvialuit far more than they do with governments. There is definitely aboriginal planning that goes into reaching agreements with the companies in terms of training, opportunities for employment, and business opportunities.
When you look at these major shifts in terms of the private sector interest, whether it be offshore exploration or shale exploration, there is a great deal of engagement with the local population. They want to make sure that they are not only able to take advantage of the opportunities but are also aware of the input they will have to provide the regulatory bodies later on in terms of the concerns and in terms of shaping the conditions of that development.