Road to Resources A Two-Way Street

"IT is indeed a pleasure to have the opportunity of addressing this group today. Not only does it give me the opportunity of meeting with representatives of what is considered by many to be the most dynamic segment of industry in Canada today, but it also allows me to talk about a subject of para-mount interest to myself, the development of the North, and to explain, if even only briefly, some of our beliefs and hopes in this regard.It is inconceivable that all lands north of the 60th parallel, representing 35 per cent of Canada's total land area, which we believe contain a great natural resource potential, will remain as an undeveloped portion of Canada. The re-sources are there, although the people and private industry are as yet not there in sufficient numbers.It has been estimated that in the west and north of Canada there are 1.6 million cubic miles of sedimentary rocks. Of this figure, 342,-000 are thought to lie in Alberta, 115,000 in British Columbia and about 1 million cubic miles are thought to lie in Canada's northern regions, the bulk in the Arctic Islands. On the basis of apparent volumes of sedimentary rock, we estimate that as much as 13 billion barrels of petroleum may lie beneath the permafrost of the North-west Territories, another 3 billion barrels in the Yukon Territory and 33 billion barrels in the Arctic Islands. This is, indeed, a rich and elusive prize, and one which must be sought with a view to fulfilling demands on the production of petroleum."