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The Inuvialuit-led M-18 well development project is one step closer to reality thanks to a $100-million loan from the Canada Infrastructure Bank (CIB).
The financing toward the $293-million project was announced in a Feb. 20 news release.
“The CIB is proud to invest in an Inuvialuit-led solution to enhance energy security and affordability in some of the most northern, remote regions of Canada,” said CIB CEO Ehren Cory. “Our loan supports the IRC as they advance construction of this critical infrastructure to improve energy affordability, reliability and create employment opportunities for Inuvialuit.”
The M-18 well development project aims to develop a new plant south of Tuktoyaktuk, which will produce natural gas and synthetic diesel, creating a local supply of fuel for energy, heating and transportation for over 50 years, according to the news release. The completed project will also reduce the need to transport liquefied natural gas and synthetic diesel from southern Canada, which will enhance local energy security, reduce up to 40,000 tonnes of emissions annually and aims to provide an economic boost for people and business in the Inuvialuit Settlement Region (ISR).
“Inuvialuit Regional Corporation is committed to securing a long-term, stable energy source for the region—strengthening energy security while delivering lasting benefits that will support Inuvialuit culture, education, wellness and healthy communities, all while investing in a bright future for our children,” said Inuvialuit Regional Corporation chair and CEO Duane Smith.
Tom Taylor
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